I acquired a rental property in 2015. Inc & Exp since. This Yr found out that the property was never purchased by Realtor. How do I handle on my company return?

knicelyholdings · ‎June 4, 2019

Purchased Rental Property in 2015. Claimed Income and Expenses on each return since. I have a personal loan on the property that I have been claiming interest expense as well. Found out in 2018 that the Relator I used set this whole thing up. I never really purchased. Realtor setup fake tenant for rental income. How do I now address this on my return?

Carl · ‎June 4, 2019

At this point, you don't address anything concerning this on your return. I would assume by now you have legal representation to take legal action against the fraudster. If your attorney is not cognizant on the tax front of this matter, then you need a tax attorney in your local area. This is particularly true if your state taxes personal income.

Now to make this clear, you do not need to waste your time with an enrolled agent, CPA or Tax Preparer. You need a "TAX" "ATTORNEY*. The turbotax program itself is not designed or intended for dealing with fraud at this level, so professional help is your best recourse.

I acquired a rental property in 2015. Inc &amp; Exp since. This Yr found out that the property was never purchased by Realtor. How do I handle on my company return?

Investors & landlords

I acquired a rental property in 2015. Inc & Exp since. This Yr found out that the property was never purchased by Realtor. How do I handle on my company return?