Gao Calls For Actions To Improve Individual Compliance With Rental Real Estate Reporting Requirements

摘要

Expanded reporting requirements for individual owners of rental real estate could help reduce the underpayment of billions of dollars in income taxes, according to the U.S. Government Accountability Office (GAO). The report notes that for tax year 2001, the most recent Internal Revenue Service estimate of the gap between taxes actually paid and the amount that should have been paid, underreporting by individual rental real estate owners accounted for as much as $13 billion of the gross gap of about $345 billion.