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
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