At least an estimated 53% of individual taxpayers with rental real estate misreported their rental real estate activities for tax year 2001, resulting in an estimated $12.4 billion of net misreported income.
From here, citing a recent GAO report.
Also, keep in mind that in Colorado, where Colorado taxable income is a function of federal taxable income, that gaps in federal income tax enforcement cost Colorado money as well.
Good for those landlords.
ReplyDeleteTax avoidance/evasion is next of godliness.