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Have not claimed income house in last 12 years.House

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have not claimed income for...
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: 2 years ago.Category: Tax
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Answered in 12 minutes by:
2/1/2016
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 2 years ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,449
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

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)

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,449
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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