Taboo Tax Questions Landlord's Probably Shouldn't Ask But We Answer Them Anyway! Ft. Sakinah Tillman

Taboo Tax Questions Landlord's Probably Shouldn't Ask But We Answer Them Anyway. Ft. Sakinah Tillman Follow Sakinah Tillman: https://www.instagram.com/tillmanllc/ Sakinah Tillman is a tax attorney with an LLM in taxation. I, Brian X Pendergraft, am a landlord attorney and often I was asked questions about taxes. I don't advise people on taxes it's not my forte. But I know enough to know that the questions were probably bad questions. They were questions like, "how likely is it for the IRS to find out I'm renting out my basement and not reporting it." But I give the people what they want. I brought on a highly-qualified tax attorney to answer the questions I was asked. Disclaimer: This is legal and tax information. Not legal or tax advice. For legal and/or tax advice consult with a professional such as an attorney or a CPA. Also, to be very clear, neither of us are advocating avoiding paying your taxes and this should not be construed as telling you to do that. In fact, she discusses how you can save more money paying your taxes than by avoiding them and how it's better for you to pay in the long run. The questions are: 1. What are the consequences of a landlord not reporting rental income? 2. How likely is it that the IRS will find out? 3. If the landlord is doing this with their primary residence and not a 2nd property, does that increase or decrease the likelihood of the IRS finding out? 4. Can the IRS determine one is not reporting rental income from a routine audit? 5. How can tax attorneys help landlords save on their taxes or avoid audits? 6. Bonus - Are there any questions that I should have asked you? Of course, I adlibbed and threw in even more bad questions in between. If you want more videos like this please like and subscribe! Also, if you have rental property tax questions that you would like to see answered by Sakinah contact us! We'll make another video. Maybe you want to hear about mortgage tax deductions or money saving strategies. I don't know. But let me know and I'll let her know.