We just heard from one of the purchasers of the IRS Survival Guide for Real Estate Professionals with Real Estate Investors, available through www.TaxLoopholes.com. He’d already gone through the tough Real Estate Professional audit with the IRS audit teams for 2005, 2006, and 2007.
He’d had everything denied. He hired an expensive attorney and he proceeded to fight everything. All he’d gotten was a rising legal bill (figure as much as $50,000 in legal fees if you choose to go to Tax Court). The IRS Survival Guide gave him the straight answers no one had ever given him before. He realized that he really had no case.
It wasn’t the answer he wanted (he wanted to win), but he knew he would save tens of thousands in additional legal fees by doing the best deal he could with the IRS now. Sometimes the best advice you can get is knowing when it’s time to stop fighting and settle with the best deal you can get.
