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"Gary does a great job on finding expenses for my rental properties. His virtual office makes tax time a lot more convenient. I added him to Angie's list!"—Molly Baxter

Molly Baxter

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Rental real estate CPA discusses how to obtain IRS information | Form 4506-T instructions

rental real estate CPA. Form 4506-T instructions

Your rental real estate CPA often needs to see what the IRS has on file for you. Form 4506-T is the only way to get a wage and income transcript. And the 4506-T instructions are easy to follow. For a free consult cal (910) 399-2705.

Every rental estate CPA has a new problem; the IRS Get Transcript tool on the IRS website got hacked in 2015 and generated thousands of fraudulent tax returns with refunds going to the hackers. So no reasonable person would use that tool now. It had problems anyway. For example it said I wasn’t me. But after some reflection I felt they were in error. And the IRS stopped offering tax transcripts at the local offices. I lost a Client because even though I filed 4506-T according to the Form 4506-T instructions, Form 4506-T, Request for Transcript of Tax Return, was denied. It’s possible that she was a scam artist but I spent a lot of time with her. I think the IRS just made a lazy mistake.

“An IRS wage and income transcript gives the rental real estate CPA all the information the IRS has on you.”
– Gary Bode, rental real estate CPA

IRS transcripts are available by tax year. And they’re not always complete. For example I’m working a case now where the Client received four 1099-C(s), all with the same date, and her IRS transcript only lists three.

If we’re working a back tax case, for example, where the taxpayer hasn’t filed returns, original documentation is often missing. And gathering it from original issuers is time-consuming. Sometimes we can’t rely on the taxpayer to even know all the sources of original documentation. So, after authorization from the client, in the approved IRS manner, we obtain transcripts to see what the IRS has on file by using Form 4506-T. We have to charge extra for that. Form 4506-T uses valuable tax defense time. That’s a real problem for folks who’ve already exhausted the IRS timeline.

The plus side of 4506-T instructions? The average tax payer can understand them.

“If you’re married both spouses must file a separate IRS Form 4506-T. Sometimes, during a divorce or separation you can’t file jointly and filing with Married Filing Separately status, I think, an IRS red flag.”
– Gary Bode, rental real estate CPA

IRS transcripts are seldom complete. They include most sources of income, like W-2s from employers, Form 1099-C, Cancellation of Debt, Form 1099-INT from banks, Form 1099-MISC, etc. Plus things like Form 1098 reporting your mortgage interest paid for the year, information from Health Savings Accounts, Educational Expenses paid, Student Loan interest paid, etc. Let’s look at an example. If you receive a Form 1099-MISC for income received as a rental real estate subcontractor, the IRS also receives a copy. This is part of their revenue matching program that helps close the tax gap; that’s what the IRS calculates America make as income and what taxpayers actually report as income.

Your rental real estate CPA can file Form 4506-T but since the 4506-T instructions are so easy I recommend you do it your yourself and save fees. Form 4506-T and the 4506-T instructions are one of the few examples where the taxpayer can fully understand the IRS obligations.

If you’d like a free initial consult, please consider calling us at 399-2705. The CPA license is national and our virtual office makes use easy to deal with regardless of your location or your rental property location.

Why am I rental real estate CPA? Well I managed a 52 unit apartment complex during graduate school. I was the staff tax accountant for a large construction company. I was controller for a real estate developer with over 30 partnerships. I have rental real estate in my extended family. And, unfortunately, rental real estate cancelled debt became a specialty for me.

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