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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (580454)8/11/2010 9:25:48 AM
From: i-node  Read Replies (2) of 1585806
 
>> If no one has reported the trades to them, how would they know? The honor system?

Of course. Our system of taxation continues to be fundamentally a system of self-reporting.

If I win $1000 gambling I'm required to report it whether or not I receive a 1099. If I, as a schedule C businessman, receive $500 in gross revenue, no 1099, I am still required to report it.

If I sell my car, or pretty much anything else I own, at a profit, I am required to report it. With or without a 1099.

The IRS conducts audits to determine whether a taxpayer has properly reported his income. They don't audit everyone, but if you intentionally leave out a material item and are caught you will be penalized heavily and possibly could go to prison.
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