Keith A.
What's your non-real estate side hustle these days?
20 August 2022 | 209 replies
(No more than 1 min.)Use the the acx site to audition for books.
Yi Chu
How to record mileage
9 January 2024 | 5 replies
Any app will require some type of auditing....apps don't know if your trip is for business or personal usage...but they keep up with the milage for you.
Taylor Green
How to qualify my wife as a RE professional for tax reasons?
17 September 2014 | 7 replies
I'm also hoping to get another property before the end of the year that won't have much time to bring in any income but will need the same outfitting.Going through this with the tax advisor last week, he strongly urged me to consider just carrying the losses forward, if I even had any, since they would be small compared to the cost of an audit and a one-time artifact of the startup processes.
Account Closed
Inherited property and stepped up basis vs 1031 exchange
13 October 2016 | 9 replies
Imagine she gets audited and it's determine basis was incorrectly calculated and she owes money.
Curt Bixel
Professional Tax Preparation or Not
15 January 2024 | 13 replies
I have 9 rental properties and pay a tax attorney $800 per year to prepare the taxes, but every year it seems that I find a few mistakes like mortgage interest not deducted on one property and insurance not deducted on another.I had assumed that for $800, someone was spending 4 hours entering my information and going through things to make sure I was getting all the deductions I was entitled to as well as preparing things so as to minimize the chances of an audit.
Himanshu Singh
STR and Taxes
18 January 2024 | 1 reply
That being said the IRS doesn't "check" but if your audited they could find out and get you in trouble.
Account Closed
Keeping Your Real Estate Pro Status Intact: A Quick Guide
2 January 2024 | 0 replies
Be prepared for a time commitment.IRS Scrutiny and Audits: Brace yourself; the IRS might start paying more attention to you.
Matt W.
Questions to ask syndicators to prove they are not running a Ponzi scheme?
20 December 2023 | 11 replies
I suspect one could ask for audited financials for each project ?
Eddie Ziv
Appreciation VS. Cash flow - The clash of the titans....
15 June 2010 | 341 replies
I was audited and IRS said I owed them high 6 figures in taxes for 79 and 80.
Javier Bustos
Property management companies. Pros and Cons
23 November 2016 | 18 replies
So I had my accountant do an audit and found things like billings for 36 blinds being billed to a unit that had only 8 windows.