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I want to know what my audit risk is

 
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MollsBBU
New Member

I want to know what my audit risk is

Besides having deductions that look puffed up, you can boost your odds of getting an audit notice with any of these:

--being self-employed (opportunities to cheat abound).

--having a 1099 mismatch (you show a $5,000 capital gain, the broker reports $15,000).

--having a large income (the IRS gets a better payback for audit efforts among the wealthy).

--claiming a large non-cash donation.

--reporting a loss from a business activity that could be a hobby.


Please see this Forbes article or this TurboTax Blog for more information.

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2 Replies
MollsBBU
New Member

I want to know what my audit risk is

Besides having deductions that look puffed up, you can boost your odds of getting an audit notice with any of these:

--being self-employed (opportunities to cheat abound).

--having a 1099 mismatch (you show a $5,000 capital gain, the broker reports $15,000).

--having a large income (the IRS gets a better payback for audit efforts among the wealthy).

--claiming a large non-cash donation.

--reporting a loss from a business activity that could be a hobby.


Please see this Forbes article or this TurboTax Blog for more information.

jjoseph
New Member

I want to know what my audit risk is

for donations to Goodwill, is a donation receipt from them suffice as proof?

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