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Pepibom | I have just been selected for an IRS examination...not sure If i should go please help.? |
I just received a notification from the IRS that my 2005 return has been selected for examination. The issues they are having are with:
Schedule A : Other misc deductions and also Unreimbursed Employee Expenses.
Upfront - I will not be prepared to provide receipts for all of the Unreimbursed Employee expenses...about $5200worth.
BUT
my one of my miscellaneous expenses is Closing costs--- I did purchase a coop that year the costs were $2600.
They have requested that in addition to information (receipts etc) to back up the deductions that I also bring with me copies of my 2006 and 2007 returns.
My income was about $36,000 that year and I am afraid that if I do make an appointment (and I am not thinking of hiring a lawyer) and go by myself that I will probably stick my foot into my mouth and make things worse -- especially since they want to see the other returns.
-I am going to owe money-
My question is:
Is there any way to provide proof of my closing costs but not have to attend the examination and open myself up to more examination?
Any idea how much I will owe??
or should I just bite the bullet and wait for them to send me a bill?
Additionally, should I even call to say that I will not attend or just not do anything.
Thanks very much for any help.
-G
Additional Details
With the exception of very few receipts, I have pretty much lost everything in a move. I guess I'm thinking that I would rather take the bullet than have my boss dredge everything up for me via the accountant. The time spent getting everything together (what there is of it) Disallowing all wouldn't ruin me financially but I'm wondering if showing up would make it worse? |
 |
 
wartz
 |
Count on everything being disallowed except for the unreimbursed employee business expenses you can document. You must have a contemporaneous mileage log if you want a deduction sustained. There is no wiggle room in this. |
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jo614
 |
Unfortunately, closing costs are not deductible. Certain portions may be but you must be careful that they are not duplicated on your Schedule A. These items may consist of points, mortgage interest and taxes. The rest of the expenses such as attorney fees are added to the basis and increase your cost in the property. If you cannot document your employee business expenses, you are out of luck. You will be assessed not only tax but interest and penalty as well.
Check in with your local H&R Block office. They should be able to help you. |
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Judy1
|
Don't just not go - they'll disallow everything in question and maybe more!
They will very likely disallow the expenses you don't have receipts for, unless you can convince the auditor through some other means that they are legit expenses. If you padded the expenses or just made some of them up, you're busted - and since they asked for the next two years returns also, sounds like that's what they are thinking. And they have access to what you filed, so you don't avoid trouble by just not showing up or not bringing the other returns. And just a hint - the auditor has already looked at the other years returns.
And "closing costs" aren't deductible, except for the part that's for interest or real estate taxes.
Take your checkbook. |
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travelguruette
|
Never ignore the IRS. It makes it worse. You must have receipts to prove the deductions. You can call an EA instead of a lawyer. It wont cost as much. HR Block does it for a lot less. |
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Honeybee
 |
In my opinion, you should go. I'm always suspicious of a taxpayer who immediately hires someone.
Take everything that is requested. Be polite. Be professional. Be respectful. Answer everything truthfully. Yes, things are going to be disallowed. This will be explained to you. If you still do not understand or do not agree, then it is time to hire a professional.
Do NOT ignore the auditor. He will not go away and it will make things worse for you. Without any response or backup documents, he will disallow everything. And probably even apply extra penalties for failure to respond. |
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v b
|
"Upfront - I will not be prepared to provide receipts for all of the Unreimbursed Employee expenses...about $5200worth."
As in you made the numbers up? Or you had them and lost them?
Ask the EA about the cohan rule. It helps with SOME expenses. If you have travel expenses do you have ANY sort of trip logs? The IRS *has* been known to accept a contemporous "diary" that showed dates, destinations and purpose and then allowed the taxpayer to construct a minimum mapquest mileage amount. |
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Helen, EA in PA
 |
As stated, your closing costs are NOT deductible, so you already lose that part. If you do not have receipts for your business expenses - another strike. And you need a letter from your employer stating that he/she/they do not reimburse these expenses and that they are required for your job.
Can you do this yourself? Considering you did not understand the law at the time you did your return, I have my doubts. But you can give it a try. If you have the proof it WILL NOT be disallowed no matter who presents it.
If you hire an EA or a tax professional who is a Circ 230 preparer, you DO NOT have to attend the audit, they will do it for you.
Helen, EA in PA |
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Wayne Z
|
If you don't attend or have a CPA or EA attend on your behalf, they will disallow everything.
The general rule of thumb is never attend your own audit. Send a professional in your place.
The closing costs aren't deductible, so you are going to lose those. Though if any of those costs are points or loan origination fees, you should get those. |
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