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Business & farm
You cannot report the cash inheritance anywhere on an income tax return even if you wanted to do so... that would be illegal.
The "meter" cannot predict who will or will not be audited and some returns are even pulled randomly.
Thus the audit meter is just a marketing ploy to get you to buy the audit protection package.
If you are filing a true and accurate return and have good records of all your income and expenses to support your entries on the return then you should have no fear of being audited. Just like in school ... if you have all the answers correct on a test you don't need to fear the teacher grading the paper.
‎January 25, 2021
12:30 PM