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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3170
Experience:  IRS licensed Enrolled Agent and tax instructor
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I made a mistake on the amount I claimed as amount of

Customer Question

I made a mistake on the amount I claimed as amount of repairs put into our rental. It was an honest mistake, it didn't affect at all our refund amount. The issue I am running into is that we are applying to refinance the rental property and the lender wants to confirm that the amount I claimed was in fact a mistake and will not just accept my word.
What do I need to do? Filing a tax amendment seems like a lot of hassle for this. Is there something else I can do?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. Ma name is ***** ***** I will be happy to help you.

If you lender wants to fix the filing, the only way is to amend your return. There's no way around it. Ask the lender if he accept something else, like your bookkeeping records, receipts or other records you used to prepare your tax return. But banks usually want to see tax returns.

Customer: replied 1 year ago.
How do I amend a return?
Expert:  emc011075 replied 1 year ago.

You will need to file 1040X. You will also include corrected Schedule E and explain the changes on the second page on 1040X.

Expert:  emc011075 replied 1 year ago.

Here's the form:

It can be used for 2012 - 2015 returns. If you used a tax software like turbo tax you should be able to use it to amend your return.

Customer: replied 1 year ago.
Ok-thank you
Any idea of the turn around time?
Expert:  emc011075 replied 1 year ago.

What do you mean turn around? Are you expecting a refund?

Customer: replied 1 year ago.
I mean, after I file the amendment what will I get back to then give to our lender? And when would this documentation back?
Expert:  emc011075 replied 1 year ago.

Unless you are getting a refund, you will not get anything from the IRS. After about 6 or 8 weeks you can check your IRS account online and see if the change had been made. Than you can print your transcript and give it to the bank.

Or you can take the return to the local IRS office and have it time stamped as received. Just make sure you bring a another copy with you.

Customer: replied 1 year ago.
Thank you!
Expert:  emc011075 replied 1 year ago.

You're welcome. Is there anything else I can help you with today?

Customer: replied 1 year ago.
No, thank you
Expert:  emc011075 replied 1 year ago.

The IRS just recently reopened the online transcript option. It will speed up the transcript but processing 1040X will still take several weeks. Your best option is to hand file it at your local IRS office.

Anyway, if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

Expert:  emc011075 replied 1 year ago.

You can find your local IRS office here: