Sanjeev Advani
3 Ways to avoid audit triggers
Ways To Avoid Audit TriggersGood ol’ Uncle Sam has come to get his yearly paycheck and it can make even a seasoned real estate veteran a little on edge. Here are the top three triggers that you should try to avoid to ...
Hasten Rudd
Deriving NOI from audited financial statements
Hello investors,Question for you all. I'm hoping someone could help me out with suggestions in calculating the NOI of a real estate asset (in particular, hotels and apartment complexes) from a set of audited financial...
John Morgan
Anyone ever get an IRS audit?
As I’m preparing my taxes on turbo tax again this year for my 10 SFRs, I was curious to hear what people’s experiences have been with the IRS on an audit. Chime in if you’ve ever had one for real estate investments an...
Sam Haack
Real Estate Professional Status - Audit Stories
Has anyone ever gotten questioned or audited when claiming the real estate professional status? This is something I've been learning a lot about and producing content on and I'm wondering if anyone could share a perso...
D Mack
Seller wants to avoid an audit!!!!!
Im in the process of getting a duplex under contract. The home owner and I agreed on a price of 25,000. But he says he wants his money in 3 separate checks (9k, 9k, 7k). He says he wants it this way, so he's not audit...
Michael Plaks
EXPLAINED: IRS audits - debunking common myths
Myth 1. IRS audits are very common / IRA audits are so rare that you can forget about them
The latter was true during the recent Covid years. We recently had an under 1% audit rate. However, two things are good to re...
Wesley Pittman
Acceptable "Receipts" for Tax Audit Purposes
Hi,Right now I only own one investment property and find myself already spending more time than I would like cataloguing my monthly utility receipts for the property. I deduct these expenses and want to have proof of ...
Jerome Kaidor
How often do you get audited?
Hello,
One of the prices of running large complexes is that you have to have ....employees. And of course, Workers Comp. I just got a call from my insurer to schedule an audit. It's not that big a deal...
Erica Nagle
I'm in 2015 tax audit hell
So my 2015 (the year we started rehabbing properties full time) was audited. I made the mistake of not using a CPA and she messed up my tax return huge. Long story short I got a $14k refund. During the first quarter o...
Joe Scott
Tax return size --- an audit flag?
Is having a ton of rental properties & installment sales in a massive 1040 tax return - an IRS audit flag?? I have about 60 rentals and 25 installment sales. I'm continuing to add more over time. Most are cheapie ...