Calling all Part time Real Estate Investors! It's time to Pay Up!!
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Real Estate Losses Become IRS Tax Audit Target
By JEFF SCHNEPPER, FOR INVESTOR'S BUSINESS DAILY Posted 04/07/2011 04:59 PM ET
Sorry, real estate investor, the Internal Revenue Service is coming to get you, and it won't be pretty.
The IRS is stepping up property scrutiny as a result of a 2008 Government Accountability Office finding: "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."
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