Jeremiah O'Neill
Depreciation building value
6 April 2015 | 6 replies
I know that when it comes to an audit, the IRS requires 85% of audited expenses to be accounted for as an example so you are still within that allowed 15% margin of error so to speak.
J. Mitchell Bernier
Renting from my LLC for my primary residence
4 October 2019 | 8 replies
Sounds illegal, or at the very least a good way to get audited.
Brian Mitchell
bought house to use as personal residence but now will sell it
21 August 2015 | 8 replies
If you try to claim this is not a flip and you flip another property in the future, you will subject this transaction to audit risk and potentially large penalties.The biggest variable here is whether or not you can prove the intent was something other than that of flipping.
Andrew Freed
How do you track your expenses? Looking for best practices
21 February 2022 | 32 replies
In the event of an audit with a system like this would the IRS request physical receipts, or would the itemization the system generates satisfy them?
Steve Horton
Rent and taxes
9 February 2013 | 20 replies
The last audit I had was a while back and they came back and said I owed them under $200.
Edward Salazar
How to Handle My Mobile Homes Rental Income?
11 September 2018 | 10 replies
As for the deduction for paying people in cash, it depends on what your tax advisor is comfortable defending should you be audited.
Zach Pyke
how does the dodd-frank law apply to private money?
2 July 2016 | 7 replies
I had done 400 plus loans when I had my first audit by the state and told them I was exempt.. well you know how that went.
Carlos Webel
Set up of first 1031 Exchange
15 August 2016 | 8 replies
I learned today that if I refinance the properties immediately that will be flagged as a second tax free transaction during the year and as such it will 1) trigger an IRA audit and 2) ultimately trigger payment of the taxes.
Michael Wolffs
Condo development and 1031 exchange
29 August 2017 | 10 replies
You would have to be able to demonstrate your intent to hold for rental or investment purposes (and not for resale purposes) should you get audited.
David Christie
Partnering with your Own SDIRA
30 August 2017 | 7 replies
And there always is the risk that you do something not quite right and fail an audit should one ever occur.There are a lot of things that are possible, but just don't make sense.