Quote:
Originally Posted by Geewiz
My point - trying to be funny and not making it - is that folks with more cash may have investments and because of the amount of money involved might accrue red flags. Remember - just large charity deductions - though totally legit - earn you points. But - again - I was just trying to put this in perspective...it costs the IRS more in admin costs to go after a couple hundred dollars in interest deductions than they would ever recover. In my old agency, we routinely waived overpayments to folks under a certain amount just for that reason.
Cheers!
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This discussion thread MAY have been read by IRS, so they may now be more careful in checking returns from Villages ZIP codes. Don't give them ideas.
And BTW, no matter where your accounts are and where your dividends, interest, capital gains are earned, you must report them. I do not have Swiss account but keep up with financial investments. The other countries have done away with bank secrecy. The EU was upset with Switzerland and Luxembourg and now they must report all accounts.
Look at your 1040 now, very complicated and requires verifying any foreign accounts. I don't fool with IRS.