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IRS Doubles Fraud Effort.
Guess who's going after the property flippers and crooked mortgage brokers?
None other than the Internal Revenue Service.
The number of real estate fraud investigations conducted by the IRS criminal unit has doubled in the past two years, according to the tax collection agency.
IRS agents initiated 215 investigations in fiscal year 2003 that resulted in 81 convictions. The average sentence handed down in these cases is 46 months in prison. Jail time also has doubled in the past two years.
"In recent years, the booming real estate market has helped increase mortgage fraud and other phony real estate-related schemes," the IRS said in a two-page report on its real estate fraud investigations.
Revenue agents are currently auditing 4,000 tax returns of individuals and entities associated with the real estate business.
The agents are looking for property flipping where the buyer pays a low price for a property and quickly sells it at a much higher price. It's not illegal to make a quick buck. But it is illegal when individuals make false statements to the lender.
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Source: HighBeam Research, IRS Doubles Fraud Effort.