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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.

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