Ever worry about getting audited by the IRS?
Want to know what it's like and how you can best be prepared?
In this fantastic episode we deep dive into the complex realm of Real Estate Professional Status audits
I spoke with Yisroel Jacobovitch, a former IRS agent.
Yisroel brings a unique perspective, having transitioned from an auditor at the IRS to a private practitioner, now assisting clients in navigating the intricacies of audits.
The Real Estate Professional Status is notorious for being a critical area that frequently undergoes intense scrutiny by the IRS.
Yisroel provides a comprehensive overview of the audit process, starting from how tax returns are selected for auditing.
In this episode we discuss
- Understanding REPS Audits: Insight into what triggers a Real Estate Professional Status audit and why it's a focal point for the IRS.
- Audit Process and Questionnaire: Insights into the step-by-step process of an IRS audit, including typical questions asked and the importance of the initial interview.
- Navigating Audit Challenges: Expert advice on how to interact with IRS agents during an audit and effectively present your case.
- Preventative Measures and Best Practices: Tips on proactive measures and best practices to minimize the risk of an audit and prepare in case one occurs.
Tune in if you want to claim the real estate professional status without having to worry about getting an audit.
Want to get in touch with Yisroel?
Email: YD@YDJCPA.com
Call: 732-426-1040.
Want to connect with me? Afried@madisoncres.com Facebook Linkedin Text 908-783-1572
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