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RE losses are going to be an IRS audit target

Posted on: Sat, 04/09/2011 - 16:16
RE losses are going to be an IRS audit target

Hey guys, be aware that the IRS is stepping up their tax audits if you claimed a tax loss with real estate. Their belief is that most taxpayers are not applying the rules correctly. Assuming that you filed your taxes timely, they can go back to your 2008 tax year (the 2007 year expires 4/15/11). For a detailed look at this information, go to the source at:

http://www.investors.com/NewsAndAnalysis/Article/568429/201104071659/Rea...

While this is a complicated issue, it is something you should know about.

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Posted on: Sat, 04/09/2011 - 19:14 #1
Last months AZREIA meeting

Talked about this, and how they hired a bunch of new irs agents to handle the workload. Thank you for sharing this.

trustpoint wrote:
Hey guys, be aware that the IRS is stepping up their tax audits if you claimed a tax loss with real estate. Their belief is that most taxpayers are not applying the rules correctly. Assuming that you filed your taxes timely, they can go back to your 2008 tax year (the 2007 year expires 4/15/11). For a detailed look at this information, go to the source at:

http://www.investors.com/NewsAndAnalysis/Article/568429/201104071659/Rea...

While this is a complicated issue, it is something you should know about.