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Started By
Message
How much of a PItA will dealing with the IRS be?
Posted on 4/12/14 at 3:45 pm
Posted on 4/12/14 at 3:45 pm
Background....my wife and her brother own a small house that they rent out in San Marcos. Anyway when she filed her taxes last year (before we were married) she didn't report that 12K income from the property. She thought her brother was going to do it. Anyway we get a letter saying she owes 2K in the mail today. I assume I can amend the return because while she didn't report the 12K in income, she also didnt have the property taxes, management fees, HOA fees, interest paid, etc. associated with the home. When I deduct that it looks like the actual income is only around 1K which means she only will owe the IRS about $100. I assume that's how it works? Just trying to figure out how long the process will take.
I think I just have to print out a new, amended tax return with the relevant property information added and send to the IRS? Should I also determine the exact amount owed and send a check with it as well?
I think I just have to print out a new, amended tax return with the relevant property information added and send to the IRS? Should I also determine the exact amount owed and send a check with it as well?
2
Posted on 4/12/14 at 4:00 pm to tylercsbn9
quote:
I assume I can amend the return because while she didn't report the 12K in income, she also didnt have the property taxes, management fees, HOA fees, interest paid, etc. associated with the home.
Yes, amend the return. Also check for repairs & maintenance costs, casualty/hazard insurance and don't forget the big one - depreciation. With these items added it looks like a refund to me. Take the time and do the amended return. Do a full return in Turbo Tax with all income and expense information including all that was on her previously filed Form 1040 and do a Form 100X.
quote:
Just trying to figure out how long the process will take.
At least $2,000 worth of your time.
quote:
I think I just have to print out a new, amended tax return with the relevant property information added and send to the IRS?
1. New Form 1040 should have all the old info from prior filed Form 1040 and the new info. Clearly mark at the top "AMENDED RETURN".
2. Complete and file with same Form 1040X (which shows/indicates the differences).
3. Attach a copy of the old (original) Form 1040 that is clearly marked "ORIGINAL RETURN".
4. Mail to IRS and have a good day.
Hope this helps.
Posted on 4/12/14 at 6:46 pm to Boudreaux in SF
Canada might be a good option at this point.
Posted on 4/13/14 at 12:56 am to Traffic Circle
Doesn't matter where you go. They find you. They frick you. But if you work for the IRS, no problem. You pay when you want or if you want.
Posted on 4/13/14 at 7:45 am to tylercsbn9
Do you have a CPA? Just send them the info
And be glad it's the IRS and not the state of Louisiana you're dealing with, that's the dumbest group of individuals ever assembled.
And be glad it's the IRS and not the state of Louisiana you're dealing with, that's the dumbest group of individuals ever assembled.
Posted on 4/13/14 at 7:55 am to yellowfin
They all have stereotypically black names too 
Posted on 4/13/14 at 9:59 am to iknowmorethanyou
I called them to set up payments for what I owe on my 2013 return. They acted like complete dumbasses.
I just started sending them a check each month this month for whatever $$$$ I want when they finally get their shite together I'll go online and set up a payment plan.
I just started sending them a check each month this month for whatever $$$$ I want when they finally get their shite together I'll go online and set up a payment plan.
Posted on 4/13/14 at 11:30 am to yellowfin
quote:
And be glad it's the IRS and not the state of Louisiana you're dealing with, that's the dumbest group of individuals ever assembled
Truth. The lower you go in the tax chain, the more incompetence you find.
IRS is incompetent. LDR is more incompetent. The parish tax people (property and sales) are the most incompetent.
If you ever have a sales tax audit by a city or parish, my prayers for you.
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