It's probably a touchy subject, but I think it's worthy of discussion. If some people can share their experiences and provide helpful information that would be great.
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No, but I once got in trouble with them for not explaing some income. Its been about 20 years ago, and if I recall it took me about 3 years to pay them back with all the penalties and interest.I was on the monthly payment plan, LOL.
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dang...Comment -
Tax Year 2005 was the first year that my return got complex because of my income from gambling. It was also the first year that I felt that the IRS had a probe up my ass and went over my return with a fine tooth comb. I had multiple exchanges with the IRS via phone and mail lasting several months. In the end they couldn't find any problems with my gambling income, but decided that I had claimed too much child care expense and I would have to pay some additional taxes plus a penalty and interest because I had not paid it in the first place.
For 2006 I found that one of my gambling buddies is an accountant specializing in tax return preparation, and in Virginia state returns also. He charged me a nominal fee to prepare my taxes and the hassles were significantly reduced.
I find it highly annoying that I get any hassles for paying taxes on internet gambling winnings when I feel quite certain that if I didn't claim anything there'd be about a 0.0001% chance that I would get caught.
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wowzaComment -
Wish I had income to report.Comment
