Ask TaxMama.Com Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA Volume 6, Issue 258        May 14, 2004

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Deposits As Income » From: Conroe, TX Dear TaxMama, Will the IRS consider all deposits made to my bank account as income? My daughter uses my bank account because hers was closed. I am on disability and I worry that it will appear as if I am making money when I am not. She uses my account to pay for her online purchases and pay her bills. I don't mind, except I just had that thought of what if they audit me and see my bank statements and think I have lots of money passing through my account. If I shouldn't put my kids money in my account please advise. Thanks. Susan Dear Susan, Yup. They will. Unless you keep really good track of the money your daughter deposits. Make photocopies of each deposit and the check being deposited. Keep those copies in the file where you'll put your tax returns. If you never get audited, I wouldn't worry about it. If none of the accounts pay interest, though, IRS won't be getting a report about it. So, this won't cause an audit. Best wishes, Eva Rosenberg Your TaxMama

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