(And i'm not talking about the IRS...i *will* be reporting the winnings on my tax returns). I am preparing to receive a large payout ($35k) from some different offshore bookmakers where I won $$$ from 2004 through now. Estimated taxes were paid on the winnings in 2004 and 2005, so that I am actually owed a refund by the IRS (neither return has been filed yet). But in doing some research I ran into a few landmines:
- Looks like I need to report on Sch B that I have more than 10k in an offshore acct. No problem, since i'm correctly reporting all income. BUT, it looks like answering "Yes" to this question triggers an almost certain audit, according to most opinions i've read. Does anyone know if this is an audit of just the gambling income on the return, or the entire return itself? Would it also trigger audits of years 2003 and earlier? (no offshore accts existed prior to
- I never filed Form TD F 90-22.1 with the Treasury Dept .... 2004's form would have been due June 30,2005. Does anyone know what the penalties might be?
- I guess i dont mind being audited for 2004 and 2005, i just want to avoid it for years 2003 and earlier (since i took some very aggressive legal positions in years 2001 and
ps - here is my source of where i got much of my info:
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