Have a Tax Question? Ask a Tax Expert
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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.
You will need to file 1040X. You will also include corrected Schedule E and explain the changes on the second page on 1040X.
Here's the form: https://www.irs.gov/pub/irs-pdf/f1040x.pdf
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.
What do you mean turn around? Are you expecting a refund?
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.
You're welcome. Is there anything else I can help you with today?
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.
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You can find your local IRS office here: https://apps.irs.gov/app/officeLocator/