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In its attempts to narrow the "tax gap" between what taxpayers report and what they legitimately owe, the IRS is cracking down on taxpayers who fail to report taxable income. For one married couple, the IRS claimed the value of an airline ticket received by redeeming "thank you" award points should be included in gross income, similar to interest income. The U.S. Tax Court agreed.
What triggers an IRS tax audit? While the IRS isn't about to publish a list, there are a number of items that are known to raise the IRS's interest in a return.
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At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk only what you can afford to lose from a personal financial planning perspective. But from the IRS perspective, you need to be aware of the tax consequences.