Great article by Micheal Cohn about IRS focusing more closely on individual's rental loss reporting.

The Treasury Inspector General for Tax Administration called on the IRS to step up its examinations of individual tax returns that report rental real estate losses. A Government Accountability Office report found that at least 53% of individual taxpayers with rental real estate activity misreported rental net income by a total of $12.4 billion. The IRS agrees with the review, which included recommendations to identify, select and examine tax returns with rental losses.

Check out full article here: http://www.accountingtoday.com/news/IRS-Examine-Rental-Losses-More-Closely-57564-1.html

North Pacific Properties is a full service Seattle Real Estate, Seattle Association Management, and Seattle Property Management company.

 

5 Comments on IRS will focus more closely on individual's rental reporting

MAR
26
2011
2 Featured Posts Outside Blog Called Shot Master

One more reason that puts Real Estate agents high on the audit list.
6:42pm • #1
575,862 Points 7 Featured Posts Outside Blog Called Shot Master

Dang - my rental losses have been huge the last couple of years. I would hate to get audited but I've got receipts for every dime.  The good news is, I've finally gotten good tenants in both houses. 
6:48pm • #2
1,021,027 Points 65 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Been done for years...30 years ago, I had same IRS auditor for 3 years running for my Hawaii rental property....
7:08pm • #3
314,807 Points 2 Featured Posts Attended Rain Camp Called Shot Master

I am sure there is a lot of mis-reporting on this.  I see tax returns all of the time and often wonder who prepared them.
8:42pm • #4
APR
01
2011
257,875 Points Outside Blog Attended Rain Camp Called Shot Master

Hello,

I see your coming right along on ActiveRain, once you get the hang of a few blogs they all come naturally.

Well, best of luck to your new future with the RAIN, 

3:00am • #5


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Joshua Fant

Seattle, WA

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North Pacific Properties

Address: 2224 Queen Anne Avenue N, Seattle, WA, 98109

Office Phone: (206) 781-0186

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