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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (580782)8/12/2010 11:46:08 PM
From: Brumar89  Read Replies (1) of 1576648
 
Since you know nothing about the question yourself, why are you posting about it?

Why would income not reported to the IRS be impossible to hide from auditors.

Because there are paper and electronic records. Account statements showing the transactions. Both individual and brokerage account records can be demanded.

...what would trigger an audit in the first place.

I don't know what criteria the IRS uses. But audits take place and if someone is simply not reporting income, it only takes one audit to send them to prison.

And if 1099's are not needed for those guys, why do you have to have any...?

I think you should support your claim that hedge fund trades and option trades aren't reported on 1099's. What evidence of that do you have? Other than your guess?

Aren't you trustworthy??

Yep, but my investment sales are reported on 1099's. I just don't have option trades.

And I didn't say there are traders not paying any taxes...my quess they are not paying all they owe..that tough to understand?

I guess you cheat on your taxes.

That you "guess" the "big boys" cheat a lot, that you think there's some leeway involved in enforcement, and that you think the IRS couldn't find out ..... all suggests that you're likely to be a cheater.

Sounds like rationalization to me.
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