Diane Kennedy’s USATaxAid

Rumored New IRS Real Estate Investor Target

As if things weren't hard enough for investors who got in during the real estate boom and then fell during the bust, now we have to worry about another IRS audit target specifically at those who lost. Rumor has it (I've yet to see anything authoritative from the IRS about this) that the IRS auditors are taking the position that Form 1099-As are all they need in some cases to assess cancellation of debt income. Please look at the last blog article I posted "IRS Quietly Issues New Instructions for Reporting When You...