Failure to report capital gains

[johnson]

Hypothetical question....

Wages $40,000
Capital Gains $6,000 (reported to IRS by investment firm)

If the capital gains are not reported on a tax return, what is the chance IRS will find out? Do they actually pursue such small amounts of money? What would the penalty be if a person they mistakenly didn't report the capital gains?

Thanks for your help.

 

[kirby]

Chance = nearly100%.
Pursue? Yes the computers do that and send you a letter.
Penalty: Depends on the amount. At small unreported amount, no big deal. If unreported is over $5K (which is your case) they may hit you with a negilgence penalty 20%.
You should consider filing an amended return. Like really, really soon.