How much money Can I save up before I have to put it in the bank to avoid the IRS and the Dumb tax laws?

Z: How much money Can I save up before I have to put it in the bank to avoid the IRS and the Dumb tax laws?
I want to save money but I dont trust banks. How much money can I keep at home in a safe before its tax ivasion?

Answers and Views:

Answer by rtfm
You can keep as much money at home as you want to. Keeping money at home has nothing to do with tax evasion. Tax evasion is when you earn money and don’t report your income to the IRS.

Keeping all your money at home, on the other hand, is a really stupid idea. Even if it never gets stolen — what would happen if there is a fire?

Answer by src50
“keeping” money, at home or elsewhere, doesn’t generate taxes; EARNING money does. Keeping cash stashed anywhere is a dumb idea.

Answer by Judy
Huh? There’s no law limiting the amount of money you can keep at home in a safe.

If it’s income that you aren’t reporting, then it’s tax evasion from the first dollar, no matter where the money is.