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IRS MAY TARGET RENTAL REAL ESTATE RETURNS

Posted by Admin Posted on Mar 10 2011

A Government Accountability Report issued in August, 2008 suggested that 53% of individual tax returns reporting income from real estate rentals in 2001 contained errors.  Now the Tax Inspector General for Tax Administration (TIGTA) has issued its own report, recommending increased examinations of individual returns with real estate rentals.

The IRS agrees with the recommendations, although it disagrees with the tax dollars that might be captured by such an effort.  This suggests that taxpayer's with rental real estate will face an increased risk of audit in the near future.

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