In the report, Actions Are Needed in the Identification, Selection, and Examination of Individual Tax Returns With Rental Real Estate Activity (2011-30-005), the Treasury Inspector General for Tax Administration ("TIGTA") calls for increased examination of individual returns claiming losses from real estate rentals. According to the report " [A] GAO report in August 2008 stated that at least 53% of individual taxpayers with rental real estate activity for Tax Year 2001 misreported their rental real estate activity, resulting in an estimated $12.4 billion of net misreported income." See also, Number of U.S. Expatriates Doubled in 2010.
Posted by Isaac Pflaum, Associate Editor, Wealth Strategies Journal
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