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Category: Tax
Satisfied Customers: 12690
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Have not claimed income house in last 12 years.House

Customer Question

have not claimed income for rent house in last 12 years.House belonged to my wife before we were married.It was placed in a trust to keep her ex-husband from laying claim of ownership.Should I start paying taxes and if I do what are the chance of being audited for past years?
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.

Now, I'll answer a question you didn't ask, (what would I do).


I would report it. and go back and file for seven years (the length of time IRS usually keeps a return open and accessible) taking all of the legitimate deductions I could ...


But that's me :0)