Summary: spent all of my savings & more on a house, at a young age. took baddd advice & didnt pay taxes, what to do?
The full story:
I spent all of my savings on a house, at a young/immature age, shortly before Sandy hit (OCT 2012)
I took some terrible advice from my stepdad and his landlord friend "just dont accept section 8, there's nothing to worry about, I've been doing this for years"
I was money OBSESSED and it seemed like a no brainer. I've come to my senses now, and have been stressin this for like a year now, going to see a lawyer soon but wanted others input as well
I've had three sets of tenants. Haven't paid the IRS at all.
I believe the first set of tenants, I may or may not have actually deposited their checks in my bank account (which I've closed months ago, as a precautionary measure)
Second tenant, those may or may not have went in that bank account
Third set of tenants definitely have.
No idea how many months all together the property was vacant, because I only have lease start dates, not end dates (to determine what's actually owed)
I also, have no idea about anything else that could have been filed on my taxes for housing in that time (maintenance, etc) --- in other words i have no way of figuring out what I actually owe
What could a lawyer do for me? Do I just pay one for an hour or two of his time for advice? or is there more they can do? do i just say hey, i have an issue, let me pay you for 2 hours of your time for some advice? do i just start paying now as if i just got the house and hope i get lucky? literally no idea how to handle this without a time machine.
To make things even more messy, if I fess up, pay, and get audited: i also have paid very little tax on a side business that I run (no, not drugs, nothing illegitimate). I generally just go to the bank on the check and cash it that way, but that probably wasnt the case 2+ years ago. in other words, i probably have some unexplainable cash in my bank as well.
Anyway, thanks in advance. just looking for some advice/opinions/etc.
The full story:
I spent all of my savings on a house, at a young/immature age, shortly before Sandy hit (OCT 2012)
I took some terrible advice from my stepdad and his landlord friend "just dont accept section 8, there's nothing to worry about, I've been doing this for years"
I was money OBSESSED and it seemed like a no brainer. I've come to my senses now, and have been stressin this for like a year now, going to see a lawyer soon but wanted others input as well
I've had three sets of tenants. Haven't paid the IRS at all.
I believe the first set of tenants, I may or may not have actually deposited their checks in my bank account (which I've closed months ago, as a precautionary measure)
Second tenant, those may or may not have went in that bank account
Third set of tenants definitely have.
No idea how many months all together the property was vacant, because I only have lease start dates, not end dates (to determine what's actually owed)
I also, have no idea about anything else that could have been filed on my taxes for housing in that time (maintenance, etc) --- in other words i have no way of figuring out what I actually owe
What could a lawyer do for me? Do I just pay one for an hour or two of his time for advice? or is there more they can do? do i just say hey, i have an issue, let me pay you for 2 hours of your time for some advice? do i just start paying now as if i just got the house and hope i get lucky? literally no idea how to handle this without a time machine.
To make things even more messy, if I fess up, pay, and get audited: i also have paid very little tax on a side business that I run (no, not drugs, nothing illegitimate). I generally just go to the bank on the check and cash it that way, but that probably wasnt the case 2+ years ago. in other words, i probably have some unexplainable cash in my bank as well.
Anyway, thanks in advance. just looking for some advice/opinions/etc.
I Stupidly Didn't Pay the IRS for My Rental Income, but Want To, What to Do
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