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Reply to "About to deduct 220k on taxes help me feel ok with it"
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[quote=Anonymous]You should expect to be audited. We sold a rental property in OBX that we had bought at the height of the market in the early 2000s and sold about a decade later. We claimed a similarly sized loss, around $250k. They audited the F out of us. We had to provide receipts for every claimed expense down to the penny. It was a royal pain in the a$$ that cost us about $5k in accountant fees AND another $5k in disallowed deductions. So get ready. We had never been audited before, and haven't been audited since. [/quote]
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