I subscribe to several RE sites and this just came in on one of them.
Obviously, the author, Diane Kenney (CPA and tax strategist) is wanting to sell subscriptions to her CPA "IRS Survival Guide". This post is not what this is about. I don't know her, use her services or endorse anything she does. However, I do want to help get the word out about the stepped up activity.
Here's a few interesting excerpts from Diane Kennedy's article:
"It looks like the IRS has hit pay dirt with their targeted audits of real estate professionals and real estate investors. From the emails and phone calls we've received, the number and voracity of the audits against real estate investors and real estate professionals is increasing."
and
"So, this is what we know: The IRS is targeting Real Estate Professionals. The timing couldn't be worse. At a time of dropping home values, tightened credit, and a general malaise in the housing market, an aggressive IRS audit specifically targeting the people who are suffering the most can't be good for anyone. But the IRS has their job, too, and that's to raise tax revenue."
and in conclusion:
"So, if you had real estate investments and took losses in the past few years, be prepared for an IRS audit notice. The auditor teams are ready. Don't get caught unaware! "
Comments (5)Subscribe to CommentsComment