Friday, March 11, 2011

IRS Will Audit More Landlords

The Internal Revenue Service announced their intention to audit more income tax returns containing rental properties, especially those reporting minimal income or losses.  The IRS believes that a significant number of landlords are either under-reporting rental income or over-reporting rental expenses - or both.  Targeted will be returns that continuously report losses and/or extraordinary expenses.

Landlords are cautioned to maintain accurate records and receipts, and to know the tax laws dealing with rental property.

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