A California realtor learns not to mess with the IRS. Taxpayer did an exchange of her relinquished two rental properties but acquired a residence as replacement property and used it as her principal residence. She obtained an owner-occupied loan on the replacement and falsely reported the primary residence as a rental property and falsely reported rental income to “cover her tracks.” On her tax return, she listed another rental as her residence. She pled guilty to tax evasion and did 14 months in prison! The prosecution was the result of an investigation by the Internal Revenue Service, Criminal Investigation. Hope it was worth it. (https://bit.ly/2CxlGg9)
