Posted by Nathan (SD) on April 04, 2012 at 23:15:22 from (75.102.183.211):
In Reply to: Re: Cash sale posted by LAA on April 04, 2012 at 11:12:05:
I am not really talking about claiming income. I am talking about defending unreported income. No. I don't report anything extra either, but in the event of an audit I am prepared to explain anything extra that IRS would find.
On page 35 bottom of middle column in Pub.525 it explains sale of personal property. Gains are taxable. Step 2,the only way to prove it aint all gain is to provide the documents from purchase no matter how long ago it was.
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