US Tax Court Denies Rental Losses Between Family Members for Lack of Substantiation
In a daily release of Tax Court opinions from the Court’s website, the Watson CPA Group learns the Court denies rental losses between a daughter and father since the taxpayer did not have receipts or evidence proving her expenses. The Court further reiterated several tax litigation fundamentals as a part of their opinion. Colorado Springs, Colorado (PRWEB) October 15, 2012 In a proceeding brought to the Tax Court under Docket 17630-10S filed October 10, 2012, the Court denied the rental losses for lack of substantiation, and upheld the accuracy-related penalty associated with denied expen
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