Audits for negative Taxable Income? HELP!

[golys]

What is the name of your state? Virginia

After doing my taxes on turbo tax, I have a positive Adjusted Gross Income. But after deducting my itemized deductions, my taxable income becomes very negative. Is this going to make my chances of getting audited higher? I've heard that this could be a trigger for getting audited. Should I just not include my home mortgage in my taxes as this would lower my deductions and give me a small positive Taxable Income.

Any help would be greatly appreciate! THanks

 

[Zigner]

What is the name of your state? Virginia

After doing my taxes on turbo tax, I have a positive Adjusted Gross Income. But after deducting my itemized deductions, my taxable income becomes very negative. Is this going to make my chances of getting audited higher? I've heard that this could be a trigger for getting audited. Should I just not include my home mortgage in my taxes as this would lower my deductions and give me a small positive Taxable Income.

Any help would be greatly appreciate! THanks

If you are doing everything correctly, then I see no reason why you shouldn't claim everything you are entitled to. With that said, are you 1,000% sure you ARE doing everything correctly, including maintaining meticulous documentation? If so, then an audit would be a breeze for you (relatively speaking).
You should speak to a tax professional.

 

[tranquility]

Lots of people have the situation you have. It does not seem there is a substantially greater chance of audit because of such a result. I encourage you to report all your legitimate and supportable income and deductions. If you are audited, who cares?

But, you better be able to point to where you got the money to live on. If you are spending more than you are taking in, you should have had some assets which have been reduced by some amount. If not, you may have miscalculated in some way.