Roth & Company, PC Tax Update Blog

Tax Update Blog: Permalink

« Previous · Tax Update Blog Home · Next »

GAO: most Schedule E's are botched

October 01, 2008

The Government Accountability Office says 53% of returns reporting real esate income are wrong, to the extent of $12.4 billion in income. The GAO says that unsubstantiated rental expenses are the biggest single source of errors. Other common errors include deducting expenses that should be capitalized; running personal expenses through the schedule E, and leaving income off.

The GAO recommends more detail on Schedule E and more 3rd party reporting. As if being a landlord weren't fun enough.

Via the TaxProf.

      Bookmark: del.icio.usDiggreddit

Email:  •  Phone: (515) 244-0266
All content © Roth & Company, P.C.  •  Powered by Movable Type  •  Site by Sekimori Design