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#1
12-02-2005, 12:38 AM
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Re: Tax return question
[ QUOTE ]
chance of audit is 0.1% [/ QUOTE ] chance of being dealt AA is 0.45% less than 5 times as great. 
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#2
12-02-2005, 04:58 PM
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Re: Tax return question
If you're reporting less than $100,000 in income *and* it's mostly W2 income (wages, salaries & tips) you have slightly less chance of being audited than of being eaten by a shark.
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#3
12-02-2005, 07:39 PM
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Re: Tax return question
[ QUOTE ]
If you're reporting less than $100,000 in income *and* it's mostly W2 income (wages, salaries & tips) you have slightly less chance of being audited than of being eaten by a shark. [/ QUOTE ] Wrong, especially if you have income from other sources such as gambling winnings. Additionally if you ever have more than 10,000 AT ONE TIME in an offshore business or account (such as Neteller) you must notify the IRS. This is currently an insta-audit, not pleasant (I know from experience. The IRS and I have a history together, generally I lose). TT
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#5
12-02-2005, 10:31 PM
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Re: Tax return question
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Additionally if you ever have more than 10,000 AT ONE TIME in an offshore business or account (such as Neteller) you must notify the IRS. [/ QUOTE ] This is true if your total out of country money is over 10k, right? Not just 10k at one spot. If you have 5k in Neteller, 3k at Party, and 3k at Stars, I think this qualifies. I could be wrong, but I've been careful to stay below 10k total just to be on the safe side.
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#6
12-03-2005, 11:16 AM
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Re: Tax return question
I'll agree my reply was incomplete, but I stand by the concept.
The IRS, like any federal agency, is understaffed and underfunded. In their goal to maximize collections, they focus a huge amount of attention on the places they *know* there is unreported income: cash businesses. The OP is filing his first tax return. Its doutful he's in an income range that will attract attention. With respect to the $10K in an offshore account comment. Unless he transferred that much to NETeller from his US bank, or brought enough back to his account, there is no paper trail to trigger the audit.
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#7
12-02-2005, 10:48 PM
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Re: Tax return question
[ QUOTE ]
If you're reporting less than $100,000 in income *and* it's mostly W2 income (wages, salaries & tips) you have slightly less chance of being audited than of being eaten by a shark. [/ QUOTE ] Odds of shark attack if you are in the US one in ten million. Odss of being audited by the IRS with an income of between $25K and $100K are about one in one hundred. Jimbo
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#8
12-02-2005, 10:54 PM
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Re: Tax return question
Are the wins online or in a casino?
If in a casino, and no tax form, I would be inclined to believe I never won anything.
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#9
12-03-2005, 01:45 AM
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Re: Tax return question
[ QUOTE ]
[ QUOTE ] If you're reporting less than $100,000 in income *and* it's mostly W2 income (wages, salaries & tips) you have slightly less chance of being audited than of being eaten by a shark. [/ QUOTE ] Odds of shark attack if you are in the US one in ten million. Odss of being audited by the IRS with an income of between $25K and $100K are about one in one hundred. Jimbo [/ QUOTE ] You probably have a better chance of being audited if you itemize. That schedule A is where people get cute. I know that claiming Moving expenses is a red flag.
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