According to the Wall St. Journal, you are more likely to run into the taxman if -
- you make a lot of money.
- take the full mortgage-interest deduction on a refinanced mortgage where you've borrowed to take equity out. This is particularly true in higher-priced housing markets.
- have a major change in income - even if it's a decline.
- big business expenses
- numerous gifts to charity
- reported income that doesn't match numbers on 1099 and W-2 forms
- file Schedule C, profit and loss for business
- big write-offs for hobbies.
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