The IRS Hit List: Real Estate Gifting
Overview
The IRS has begun checking real estate transfer records in at least 15 states. So far, the new initiative has netted more than 500 cases for audit, and there will likely be many more depending on the results of the taxes collected from this initial effort. Similar initiatives are likely, as the IRS is budgeted to receive additional funds to seek out other tax cases of unreported gifts and income.