This article is part 2 of a three-part series which discusses how to determine the amount of the loss for personal use and income producing property, amount deductible, and tax year for the deduction (part 1 can be found here). We will discuss gains, including deferring the gain for income producing property by purchasing replacement property-qualifying property, time period for replacement, realized and recognized gain, and basis of new property in the final installment.
Tag Archive for Form 1040X
Oops! You’ve discovered an error after your tax return has been filed. What should you do? You may need to amend your return.
The IRS usually corrects math errors or requests missing forms (such as W-2s) or schedules. In these instances, do not amend your return. However, do file an amended return if any of the following were reported incorrectly: Read more
What should you do if you already filed your federal tax return and then discover a mistake? First of all, don’t worry. In most cases, all you have to do is file an amended tax return. But before you do that, here is what you should be aware of when filing an amended tax return.
Taxpayers should use Form 1040X, Amended U.S. Individual Income Tax Return, to file an amended (corrected) tax return. You must file the corrected tax return on paper. An amended return cannot be e-filed. Please call if you need assistance or have any questions about Form 1040X.
If you need to file another schedule or form, don’t forget to attach it to the amended return. Read more
It’s that time of the year, however cliched that sounds, when your W2 comes in the mail. The W2 as you know shows your annual taxable earnings, tax payments and other deductions. The due date for the employers to send those out was January 31st, 2014. Some employers do send those out via email as well. Whereas others still rely on the pony express errrr the regular mail.
If you have not received yours and are anxious because you need that refund (like yesterday!!). First step, check your Email Inbox (yeah, I know…but please read on), some emails are ignored and may have slipped down the list. Your employer might require you to log in to a separate secure website. Read more