Call me what you want, but I ALWAYS operate within the guidelines of the law with my RE transactions and would never have an issue with someone auditing my paper trail.Once again...dead horse!

However, filing an incorrect tax return can cost you even more, especially if you later have to redo it or if it is audited by the IRS.Also, if you have not filed an extension in April - you're already late anyway, so the October 15th deadline does not change the game all that much for you.In short, you may want to consider missing the October 15th deadline and having a competent accountant do the job after the deadline if your only alternative is filing a poorly prepared return.Important caveat: missing the IRS deadline technically puts you in non-compliance with the IRS, even if you get a refund in the end.

This means that should you be audited the PLRs can NOT be used or cited as precedent and it is always possible that the IRS could disqualify this 1031 Exchange.

You need to be able to show that you are not trying to evade anything if you were to ever be audited.- I'd have the house owned or at least "managed" by an LLC to whom the rent is paid. 

We have even had a very small handful (> .05%) of clients get audited.  100% of those folks came out A-OK because they were operating within the rules. 

I just completed several audits of their loans with them.

You do not have to be worried about being audited by the IRS (peace of mind)Reasons for Accepting cash:1.

I have been DRE Audited 3 times, all passing with flying colors so to speak. 

CPAs and EAs can both represent taxpayers before all levels of the IRS: audits, collections and appeals.

My CPA's main concern is IRS audits, and how do I explain what I did.When I had the triplex, I had a real head scratcher.