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Updated over 3 years ago on . Most recent reply

DongHui Patel's profile image
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DongHui Patel
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Multi-Family and Apartment Investing

IRS Audit of GP - causing audit of LP

DongHui Patel
Posted

Just wondering if anyone has actually seen or heard this happening? 

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Michael Plaks
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  • Tax Accountant / Enrolled Agent
  • Houston, TX
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Michael Plaks
#1 Tax, SDIRAs & Cost Segregation Contributor
  • Tax Accountant / Enrolled Agent
  • Houston, TX
Replied

@DongHui Patel

I have not dealt with this situation, but what likely happened is that the partnership (syndication) elected out of the centralized partnership audit regime. This election has valid reasons, but its side effect could be what you described.

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