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Knock, knock.
Who’s there?
The IRS tax auditor.
The IRS tax auditor who?
The IRS tax auditor who’s going to make your life a living hell because you don’t have proof of your cost allocation to land and depreciable buildings.
Actually, this is no joke.
If you own rental property, you’d better come up with a reasonable method for determining the value of your land and buildings for depreciation purposes.
If you can’t, you may be in big trouble.
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The IRS may use a new tactic against you.
The IRS has recently started to use information found on the Web to grab your tax assessor’s allocation and use it to slash your depreciation deductions!
IMPORTANT: You need to provide proof of your allocation calculations. What’s more, you have to provide it to the IRS on a timely basis.
If you don’t keep detailed, accurate documentation, the IRS may decide to dig deeper and really rock your world.
Want to avoid the pain of a comprehensive audit?
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