Let's talk mistakes, what is your biggest? I will tell you mine.

[Dallas Kidd]

For me the bad mistakes cost the most money. And I am a contractor So I am going to go with a home we remodeled and the plumber rerouted one of the drains and never tied it into the main under the basement slab . So naturally we finished the basement. Drywall, paint , trim flooring, kitchenette, bar the whole deal! Then we ran through our normal QC to find a major back up. Of course the connection that needed to be made was located under our newly tiled floor. About 4k later and 2 weeks of delay you would never know..

[Daniel Cullen]

They say confession is good for the soul so here goes.....my CPA suggested that I could qualify as a 'real estate professional' and take advantage of the very favorable IRS tax treatment which accrue to investors with that designation. The rules for qualification as an R.E. professional are complex and I trusted my CPA so I told him to go ahead with it. He filed 3 amended returns and I rec'd 2 big refund checks. Instead of that 3rd refund check though I rec'd a letter from the IRS challenging my CPA's understanding of the IRS rules re R.E. professional status. Long story short is that I had to hire a tax attorney for $4k and I have to pay back those 2 refunds with interest but fortunately no penalties. Moral of the story is, if it sounds too good to be true.....well you know the rest.