You need to report all money that you received throughout the year from work and/or from the sale of an asset (such as a home) to the IRS. If you fail to report income and you are caught, you will be forced to pay back-taxes plus penalties and interest.
Is there a way the IRS can tell if you haven't reported something? While there are some cases they will Not be able to determine an under-reported return. However in some situations where large transactions have occurred there could be an audit trail for an asset that could ultimately be traced back to you.
In bottomline is, it's better to be safe than sorry. Make sure you report all of your income.
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