June 2009

Most landlords make mistakes on their income tax

A majority – some 53% – of individual landlords make mistakes on their federal income tax when it comes to reporting rental income and expenses, according to a study by the U.S. Government Accountability Office. That means that out of about 8.9 million individual landlords in the country, nearly 5 million aren’t paying the correct tax. And of those 5 million, fully a quarter paid too much tax and should have had a lower tax bill,

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