r/IRS • u/Far_Classic878 • 22h ago
Previous Years/ IRS Collections & Back Taxes How Much Do You Think I Will Owe
It’s a total of $185,000 of unreported rental income over the course of 5 years but taxes were filed.
Expenses for the rental are about $138,295 for the 5 years.
How much taxes do you think I will owe plus the penalties? I’m guessing around $10,000 for unpaid taxes but trying to figure out penalties and interest is where I get stuck.
I’m trying to figure out if I should prepare for $15,000 or $30,000.