http://www.moneyunder30.com/chances-being-audited Simple, Honest Financial Advice Thu, 09 Feb 2012 22:53:06 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.moneyunder30.com/chances-being-audited/comment-page-1#comment-4155 Kevin Wed, 20 Jan 2010 03:26:10 +0000 http://www.moneyunder30.com/?p=4232#comment-4155 I'm going to have to disagree. It has more to do with taking deductions than home ownership. Home ownership brings real estate tax and interest paid deductions. Also you might get worried if you're realizing all kinds of losses on your Schedule C or E. My tax professor in college told us that if you're making 200k+ a year and claiming 30k in farm losses, then you should worry. I’m going to have to disagree. It has more to do with taking deductions than home ownership. Home ownership brings real estate tax and interest paid deductions. Also you might get worried if you’re realizing all kinds of losses on your Schedule C or E. My tax professor in college told us that if you’re making 200k+ a year and claiming 30k in farm losses, then you should worry.

]]> http://www.moneyunder30.com/chances-being-audited/comment-page-1#comment-4152 Honey Tue, 19 Jan 2010 16:45:47 +0000 http://www.moneyunder30.com/?p=4232#comment-4152 I should make one amendment - obviously business get audited, too. I meant that the only individuals who are audited are homeowners (or sole proprieters whose businesses are being audited). I should make one amendment – obviously business get audited, too. I meant that the only individuals who are audited are homeowners (or sole proprieters whose businesses are being audited).

]]> http://www.moneyunder30.com/chances-being-audited/comment-page-1#comment-4151 Honey Tue, 19 Jan 2010 16:44:55 +0000 http://www.moneyunder30.com/?p=4232#comment-4151 My understanding is that the IRS only audits homeowners. Obviously the chance of being a homeowner usually increases with income, which is why the odds go up so much with income (do you know any millionaires who rent?). So the biggest thing you can do to avoid an audit is never own a home. It's one of the reasons my boyfriend and I are opposed to home ownership. My understanding is that the IRS only audits homeowners. Obviously the chance of being a homeowner usually increases with income, which is why the odds go up so much with income (do you know any millionaires who rent?). So the biggest thing you can do to avoid an audit is never own a home. It’s one of the reasons my boyfriend and I are opposed to home ownership.

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