Pay the governemet/IRS money?
What if I had 3 million in my house and report it on my taxes and I pay them their cut. Would i be questioned still? I mean i am paying my taxes.
- Anonymous1 decade agoFavorite Answer
It's illegal for the IRS to tell how you made your money. You can put "Bookie" as an occupation and they won't tell.Source(s): chas
- JudyLv 71 decade ago
You are taxed on what you make, not what you HAVE.
That said, if you made $3 mil from illegal drugs or something, you'd still owe tax on your profits - IRS would consider it a business just like a legit business, with the same tax rules. And the IRS wouldn't pass the info along to drug enforcement agencies that you had the illegal drug income.
- StephenWeinsteinLv 71 decade ago
If you report that, then a criminal might learn about it, come to your house, and steal the money.
When you report it, you also report how you got the money. Although it is theoretically possible to use your report as proof that you obtained the money illegally, no investigation into that will begin merely because you reported it on your taxes.
- troLv 71 decade ago
you got $3 mil in loose money in your house? hmmm where did it come from, or are you saying you have $3 mil invested in the house?
until you sell it there isn't much except reporting the property taxes on your Sch A
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- ?Lv 61 decade ago
You wouldn't be questioned by the IRS. They don't care how you made the money
- Anonymous1 decade ago
Income taxes are not levied on your assets (what you have). They are levied on your INCOME (what you make).