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I guess I am more concerned about how it would be reported on their end. They told me that they didn't report the interest payments, but from their perspective how should it have been accounted for.
Would they have itemized the interest expense, so it would have shown my name and company? I trying to figure if there is any way the IRS would find out about this other than doing an indepth audit? I know I am taking a gamble on this. Is there anything else that would trigger the IRS to find out about these interest payments? Perhaps anything that they reported on their side? Thanks.
Then, even if the interest is only a fraction of that, amend your return and report the interest income. Pay the tax and be done with it.
Thanks again from Just Answer.
140,000 was the interest.
What are the fees associated with not paying this tax if the IRS was to find out? Penalties? Could I plead ignorance?