Help With Pending Audit - Sched C Investor
Any suggestions to help prepare for an IRS audit? I have rental property where spouse worked more than 750 hours & has no other job. I used "Non-Passive" because of this and now wonder if it is ok. Also, I have more than 1 property & I have them all combined together.
Any suggestions/help would be appreciated. Also, agent wants to have audit in my home.
Did you claim spouse was a real estate professional?
Thanks CyndyB! I appreciate your help.
That tax person sounds like they have some type of disorder...
Quote:
On 2012-01-25 21:46, cjmazur wrote:
A former tax person I used had 1/2 a closet full of many year old calendars.. Just in case someone need to memorialize their activity.. She offered my several different types of pens as well.
what is the mortgage payment?
if PITI << that 1000 (positive cash) I would rent.
Hold aleast 12 mos + 1 day for 1031.
$1000/mo seem like a HUGE $$$$
No Mortgage payment, paid cash for everything..
Quote:
On 2010-09-07 17:35, cjmazur wrote:
what is the mortgage payment?
if PITI << that 1000 (positive cash) I would rent.
Hold aleast 12 mos + 1 day for 1031.
$1000/mo seem like a HUGE $$$$
MILK! that cash flow!
Hammer down all other debt.
Rent it!!! I am doing the same as the low end buyers cannot find money easily and more people are looking for rentals... Looking and investing all I can in Real Estate right now!
Real estate that generates income or is otherwise intended for investment purposes rather than as a primary residence. It is common for investors to own multiple pieces of real estate, one of which serves as a primary residence, while the others are used to generate rental income and profits through price appreciation. The tax implications for investment real estate are often different than those for residential real estate.
Hang onto your job as long as you can. No doubt!
You can try to flip your property for $ 100K (net to you) and then rent it out if no buyers surface. Then do it again, and again, etc.
BE PROUD to be in the top tax bracket! At least that means you are earning money...when SO MANY are losing their a#s, and losing 60, 70, and 80% of their net worth these days.
[addsig]