Income Tax/Trading
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Started by Vandenplas - Feb. 6, 2018, 8:05 a.m.

If one is audited and your real estate investments and your stock and commodity trading are the possible reasons for the audit, about what is the time frame for completion of the audit beginning to end?  Months or years or decades? 

I am considering a run for public office and would like to know how much time I have before the audit is completed?

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By Richard - Feb. 6, 2018, 1:03 p.m.
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normally your 1099 from the brokerage firm at the end of the year would do it, so the audit could be short but in the end it depends on how high of an audit. When people run for the senate and then the President, they find new stuff when the person runs for President. As in your case, the school crossing guard association, I am sure you will be fine as long as you have a SS number.

By patrick - Feb. 7, 2018, 2:07 p.m.
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Audits I've repped in start with a document request, have one meeting, and they make up their mind & are done in 2 months, start to finish. The slowest part is pulling stuff together. Real estate could take longer, given that there might need to be valuations & 3rd party requests.