Is the IRS Targeting Real Estate Agents?

[hometowngrl53]

Is the IRS Targeting Real Estate Agents?
by Diane Kennedy
The days of the kinder, gentler IRS are over. The management of the IRS has purportedly told the auditors to "audit more rigorously and go collect some money!"

That translates to selecting more tax returns for audit and testing the interpretations of IRS Code and Regulations, and not in our favor. One issue under fire right now is the definition of "Real Estate Professional."


read here http://realtytimes.com/rtpages/20080...rgetagents.htm

[badmomma]

What if you own rental property. Do they count that as a person being a real estate professional? You are making money off the property. Just a question, I feel kind of stupid for asking but we are talking about the IRS.

[flip4u]

Thats not a stupid questions I would like to know the answer to that one myself.