Wednesday, March 9, 2011
TIGTA: 53% Error Rate in Returns Reporting Rental Real Estate Activities
The IRS should increase its examinations of individual tax returns that report losses from rental real estate activity, according to a new audit report released publicly today by TIGTA. ... [A] GAO report in August 2008 stated that at least 53% of individual taxpayers with rental real estate activity for Tax Year 2001 misreported their rental real estate activity, resulting in an estimated $12.4 billion of net misreported income. [Tax Gap: Actions That Could Improve Rental Real Estate Reporting Compliance (GAO-08-956)]
- Accounting Today, IRS to Examine Rental Losses More Closely
https://taxprof.typepad.com/taxprof_blog/2011/03/tigta-.html