GravitySucks
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Remember to bring Walmart gift cards to pay what you owe.
That's what the phone call I got told me I had to do.
That's what the phone call I got told me I had to do.
Letter from IRS!
- Thread starter Lienlord
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CardsFan
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That sure sounds like the trigger. They threw in the other two just because they extra rods and lures
JoeWras
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Have a few iTunes cards you leave in the car, as backup. Only give them if they ask.
Seriously... OP: hope things work out OK for you and you can laugh about this later.
OP
OP
Lienlord
Recycles dryer sheets
Thanks, how did you know they asked me to pay in gift cards? And who knew the IRS will meet you at a 7-11?
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GravitySucks
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Glad to see you're keeping a sense of humour.
NW-Bound
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Wow, the government has really reduced all the red tape and is now so accommodating. They are so nice so you do not have to drive to downtown.
Instead of doing an audit at the local 7-11, I would invite them to a Starbucks, and buy them a Grande Latte. And why bother with gift cards? Ask them if cash is OK. I would think so, but could be wrong.
Instead of doing an audit at the local 7-11, I would invite them to a Starbucks, and buy them a Grande Latte. And why bother with gift cards? Ask them if cash is OK. I would think so, but could be wrong.
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Drachmas also will be making a comeback
I heard they wanted the balance in Bitcoins.
I heard they wanted the balance in Bitcoins.
NW-Bound
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However you pay, be sure to ask for a receipt.
Not that we do not trust them, but people are forgetful. What if their memory fails them, and they call next week and ask for more money? You've got to have proof that you already pay.
Not that we do not trust them, but people are forgetful. What if their memory fails them, and they call next week and ask for more money? You've got to have proof that you already pay.
NW-Bound
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Come to think of it, is it possible that the IRS now has agents of Chinese origin, and they do not speak English?
The reason I ask is that yesterday I got a call recorded on my answering machine. That was the 3rd time in the last 2 years that I got a message left by a woman speaking Chinese.
This time, I downloaded Google Translator to my smartphone, and tried to use it to know what she was saying. The app did not work all that well. Out of a message about 30 seconds long, all I got was "... this is the last time..."
Am I in trouble now?
And by the way, I know there are two Chinese languages: Mandarin and Cantonese. Google Translator only has one choice: Chinese. But which Chinese on my phone translator app, and what language is the recorded message?
I am worried now, not knowing what she wanted from me in order to comply.
The reason I ask is that yesterday I got a call recorded on my answering machine. That was the 3rd time in the last 2 years that I got a message left by a woman speaking Chinese.
This time, I downloaded Google Translator to my smartphone, and tried to use it to know what she was saying. The app did not work all that well. Out of a message about 30 seconds long, all I got was "... this is the last time..."
Am I in trouble now?
And by the way, I know there are two Chinese languages: Mandarin and Cantonese. Google Translator only has one choice: Chinese. But which Chinese on my phone translator app, and what language is the recorded message?
I am worried now, not knowing what she wanted from me in order to comply.
gauss
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But leverage can be used in traditional financial markets as well as real estate. Real estate fans always seem to either not know this or fail to acknowledge it.
I suspect this has its basis in the messaging of the commission sales personnel attached to the real estate industry (agents, loan originators, investment real estate seminars etc.etc.)
-gauss
"owner of 1 rental property"
Another Reader
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Mortgages are not callable and the underlying assets are low volatility. My vacancy may go up and the rents may go down, but I'm likely not going to lose my assets, especially since I have substantial cash reserves. If you are conservative, you pay those loans off, like I have. Margin loans on stock portfolios are callable, and the stock market is relatively volatile. The income is small, if there is any, and won't help you if there is a margin call. Your reserves would have to be equal to the margin to be of any use. Completely different animals.
Senator
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Repairs prior to renting get added to the basis, not expenses. That is what they want to know. The dates of the receipts vs. The rental dates.
There is a $25,000 loss limit against your income.
euro
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+1 on both of those - that was the flag and it sounds like that may have been mis-filed.
JoeWras
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In all seriousness, this scam is making a lot of money, even though they have the incredible issue of 99.2% of the calls not being understandable. The word is that the call is about a problem with immigration status. It hits a nerve on a lot of victims and is very successful.
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Last Wednesday I got a notice from the IRS saying I owed them $1203.00 and I had 15 days to pay. On Friday I got another IRS notice saying I owed $0.
I called them and was connected to an agent in St. Louis who works out of his home. "What's going on here I asked?" He put me on hold for a long time and then came back and said, "Our records show that you owe nothing." "Could you send me those records I asked" and he said he would.
"One more thing you can do for me", I said. "What's that he asked?" "Could you send me all of Donald Trump's tax returns for the last ten years?" He laughed and said, "I wish I could answer that." Turned out to be a great guy.
I called them and was connected to an agent in St. Louis who works out of his home. "What's going on here I asked?" He put me on hold for a long time and then came back and said, "Our records show that you owe nothing." "Could you send me those records I asked" and he said he would.
"One more thing you can do for me", I said. "What's that he asked?" "Could you send me all of Donald Trump's tax returns for the last ten years?" He laughed and said, "I wish I could answer that." Turned out to be a great guy.
gayl
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My informed delivery (USPS mail) said I had a postmark on an obscured envelope from the treasury dept (yes I can read the postage). Problem is that day my mail was 'sidetracked.' Pension stub showed up, 3 envelopes still missing. 1 from Dept of Treasury, 1 junk mail, 1 bulk mail. Now what?
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how long ago is it from? Often things will show up the next day. Had that happen just this weekend, with, of all things, both mine and DH's replacement social security cards! Were in my scanned list for Saturday, and then not here till Monday...
If it's more than two days, there's a place in the email to report an item as not received. I would also stop my carrier and ask her.
If it's more than two days, there's a place in the email to report an item as not received. I would also stop my carrier and ask her.
gayl
Thinks s/he gets paid by the post
I market it missing last Friday. I'm hoping the post office can tell me which department uses G4 to send mail. I have no idea if its SSA, IRS, OPM, or VA. I'm only expecting a check from 1 of them. The only other one that sends me a check is on direct deposit BUT it could've been mom's. She always wanted a physical check. I'm hoping it isn't IRS looking for info (blow up looks like a ck?)
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Wow, must be something about 2017. We got hit, as did friends of ours. Ours was a roller coaster ride....
Back around early June I think, we got an IRS letter saying our 2017 return had been reviewed and that we owed $21k+ !! I looked over the alleged "issues" and to my surprise, there were 8-10 listed, and some looked like errors on our part. My DW has always done our taxes and used Turbo Tax, but she tends to just believe that the software will ask for what it needs and everything else will be fine. I had dumped a lot of stock that year in anticipation of maybe buying a second home, but as I always do, I carefully calculated the tax load on the gains.
But somehow that, among other things, got missed.
So we got a reference for a tax accountant office and they said for $300 they would review everything an try to reduce our burden. They asked for other docs, statements, then came back and said that they think we around $15. The IRS had no basis for some stock sells, so assumed $0 basis. The firm wrote us a nice cover letter, and told us to write a check for the $15k and send it and hope for the best.
Months went by, then a shock. A letter from the IRS came in and said that they thought that they OWED us $5100. We were thrilled. But I let the letter sit on the dining room table for weeks and when I finally went to sign it and send it in, I saw that we had missed the "return by" date by 2 weeks. So we signed it and wrote a nice note that my wife had been traveling nonstop for work and did not have the opportunity to sign it in time (mostly true), sent it in and hoped for the best.
Another month or so goes by and in comes a letter from the IRS, I open it and it says that they think they owe us $4300 and a check will be mailed in 2-3 weeks. At that point I ponder just taking it a walking away. But after staring at all the math on the forms (and like a fool, I had not made a copy of the last one before I signed it and sent it in, so I couldn't compare it) I saw something that said the 2017 return was late by 2 months and a penalty of $791 was assessed for that. I check with DW, and she agreed, we have NEVER been late filing. So I saw a 1-800 to call, thought the odds were VERY slim, but decided to give it a call.
Much to my surprise, in about 5 minutes, I had an IRS rep on the phone who spoke perfect English, was very professional and polite and knew her stuff. After putting me on hold a couple times to research things for just a few mins, she came back and said that the only difference in the last two was the late penalty of $791. I told her that I Was certain that we were not late, and could go find out signed an dated return for that year if needed. She said that the system she used had a function to see if the penalty could be waived, and she would try it. Then she said "Yep! It says you have a good record of compliance" and the penalty would be removed. In 4-6 weeks a check for $5100 would be sent (nad our trip to Ireland next year is now funded).
I was pretty amazed at my experience with the IRS anyway. Lessons learned....
Back around early June I think, we got an IRS letter saying our 2017 return had been reviewed and that we owed $21k+ !! I looked over the alleged "issues" and to my surprise, there were 8-10 listed, and some looked like errors on our part. My DW has always done our taxes and used Turbo Tax, but she tends to just believe that the software will ask for what it needs and everything else will be fine. I had dumped a lot of stock that year in anticipation of maybe buying a second home, but as I always do, I carefully calculated the tax load on the gains.
But somehow that, among other things, got missed.
So we got a reference for a tax accountant office and they said for $300 they would review everything an try to reduce our burden. They asked for other docs, statements, then came back and said that they think we around $15. The IRS had no basis for some stock sells, so assumed $0 basis. The firm wrote us a nice cover letter, and told us to write a check for the $15k and send it and hope for the best.
Months went by, then a shock. A letter from the IRS came in and said that they thought that they OWED us $5100. We were thrilled. But I let the letter sit on the dining room table for weeks and when I finally went to sign it and send it in, I saw that we had missed the "return by" date by 2 weeks. So we signed it and wrote a nice note that my wife had been traveling nonstop for work and did not have the opportunity to sign it in time (mostly true), sent it in and hoped for the best.
Another month or so goes by and in comes a letter from the IRS, I open it and it says that they think they owe us $4300 and a check will be mailed in 2-3 weeks. At that point I ponder just taking it a walking away. But after staring at all the math on the forms (and like a fool, I had not made a copy of the last one before I signed it and sent it in, so I couldn't compare it) I saw something that said the 2017 return was late by 2 months and a penalty of $791 was assessed for that. I check with DW, and she agreed, we have NEVER been late filing. So I saw a 1-800 to call, thought the odds were VERY slim, but decided to give it a call.
Much to my surprise, in about 5 minutes, I had an IRS rep on the phone who spoke perfect English, was very professional and polite and knew her stuff. After putting me on hold a couple times to research things for just a few mins, she came back and said that the only difference in the last two was the late penalty of $791. I told her that I Was certain that we were not late, and could go find out signed an dated return for that year if needed. She said that the system she used had a function to see if the penalty could be waived, and she would try it. Then she said "Yep! It says you have a good record of compliance" and the penalty would be removed. In 4-6 weeks a check for $5100 would be sent (nad our trip to Ireland next year is now funded).
I was pretty amazed at my experience with the IRS anyway. Lessons learned....
NW-Bound
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From a Web site:
Another poster has reported receiving phone scams in Chinese, same as I did, and we are not Chinese. It appears that scammers are making indiscriminate robot calls to blocks of numbers, hoping to hit a potential victim.
The IRS (really the whole U.S. Gov't) doesn't outsource much, if any, work to foreign companies. It's a bad look for them to be spending taxpayer money to provide jobs overseas, not to mention the security issues. So when you call, you're always speaking to a fellow American and odds are it'll be one who has English as her native language.
Did you send in the check for $15K in June, and it turned out you really only owed $10K, hence the $5K refund? If so, that $791 penalty was legit and it was lucky they were able to waive it. You were late in paying the $10K if it wasn't en route to the IRS' by April 15. Penalties are based on the date when you pay, not when you file the paperwork.
NW-Bound
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I was joking earlier about Chinese scammers.
Oh I got that! I was just responsing to doneat54's mention of getting a rep who spoke perfect English.
Good luck leinlord. We were audited several years ago. We were tempted to just pay the fine/amount owed, as it wasn't a huge dollar amount, but our tax preparer recommended we fight it. She said if we paid, it would be an admission of wrongdoing and we would be targets in the future, but if we fought and were cleared, it was unlikely we would be audited again. It was a huge pain, but ultimately they determined we owed zero. Given the time and effort required, just paying the fine would have definitely been the easier path.
