Discussion:IRS Auditor looking at deprec basis - opinions?
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Revision as of 22:20, 11 August 2009
Discussion Forum Index --> Basic Tax Questions --> IRS Auditor looking at deprec basis - opinions?
Discussion Forum Index --> Tax Questions --> IRS Auditor looking at deprec basis - opinions?
| 11 August 2009 | |
| I am currently involved in an audit of 2007, and the auditor is requesting information regarding a rental property purchased in 1997. The property was set up for depreciation in 1997, and now the auditor wants closing statements, allocation of land versus buildings, etc... to support the depreciation deduction of approximately $3000. My inclination is to tell him its a closed year, and try to let it go... Let me be clear, there are no issues to hide, but I'd like to restrict her fishing expedition.
Anyone have any strong opinions or experience in this area? | |
| 11 August 2009 | |
| If depreciation for the rental property is on the 2007 tax return, the auditor has every right to request documentation to support that deduction. | |
