IRS to Mine Payment Data on Mortgages

That makes sense. I have no problem with the IRS doing their job. Lots of people are tax cheats. The most common is people who perform jobs for cash who simply don't report the income-the type that this is trying to catch. Puts people who draw a salary are at a disadvantage, since they can't do this.
 
What would be great is if the IRS obtained all of the stated income loans and bumped the stated income on the loan against the income they reported to the IRS.



Then they could send them a bill for the amount under reported.



I bet if stated income loans were sent to the IRS nobody would ever over state their income again.
 
Stated income loans no longer exist.



"Lifestyle audits" were performed during the Clinton administration (if I recall) then stopped because of the lack of prosecutorial success. This won't end well for any party involved.



My .02c



Soylent Green Is People.
 
This doesn't affect any of the FCB's in Irvine who do "creative tax reporting" though. But then the FCBs in OC are usually successful business people who didn't abuse debt in the first place so I'm not too bothered by their tax evasion.
 
[quote author="Soylent Green Is People" date=1251877286]Stated income loans no longer exist.



"Lifestyle audits" were performed during the Clinton administration (if I recall) then stopped because of the lack of prosecutorial success. This won't end well for any party involved.



My .02c



Soylent Green Is People.</blockquote>


I would like it if they went back the IRS went back seven years on all the stated income loans and assessed any shortfalls between what they reported to the IRS and what they reported to the lenders.
 
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