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Article: Tax Gap: Actions That Could Improve Rental Real Estate Reporting Compliance.
- Article from:
- General Accounting Office Reports & Testimony
- Article date:
- November 1, 2008
CopyrightCOPYRIGHT 2008 Stonehenge International. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GAO-08-956 August 28, 2008
As part of its most recent estimate of the tax gap, for tax year 2001, the Internal Revenue Service (IRS) estimated that individuals underreported taxes related to their rental real estate activities by as much as $13 billion. Given the magnitude of underreporting, even small improvements in taxpayer compliance could result in substantial revenue. GAO was asked to provide information on rental real estate reporting compliance. This report (1) provides information on the extent and primary types of taxpayer misreporting of rental real estate activities and (2) identifies challenges IRS faces in ensuring compliance and assesses options ...
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