Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

I miscatgorized the sale of a property in 2016 on which I…

Customer Question
I miscatgorized the sale...

I miscatgorized the sale of a property in 2016 on which I took a loss as non-deductible... but it was a land sale and that loss should be deductible on carryforward basis. It would not have changed my taxes for 2016. Is it necessary to refile 2016 to claim the carryforward in 2017?

Accountant's Assistant: The Accountant will know how to help. Is there anything else important you think the Accountant should know?

I don't think so

Submitted: 2 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
12/21/2017
Tax Professional: Fred Rook, Certified Public Accountant (CPA) replied 2 months ago
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 99
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.
Verified

Hello, my name is ***** ***** I can help you. Even though it has no effect on your 2016 taxes, you should file an amended return for the proper treatment of the sale so that there will be no issues raised when filing your 2017 return.

Please let me know if I can assist you further.

Thanks and best regards,

Fred

Ask Your Own Tax Question
Tax Professional: Fred Rook, Certified Public Accountant (CPA) replied 2 months ago

Hello. I just wanted to follow up and see if you had any follow up questions for me. If finished, please take some time to rate my service. Thanks!

Ask Your Own Tax Question
Was this answer helpful?
Ask Fred Rook Your Own Question
Fred Rook
Fred Rook
Fred Rook, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 99
99 Satisfied Customers
Experience: 20+ years as a Certified Public Accountant, including 19 years working in public accounting firms with extensive tax, audit, write-up and consulting experience.

Fred Rook is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
I have a tax question about filing an amended return, NY and
I have a tax question about filing an amended return … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
My ex husband and I NEVER filed a joint tax return in the 13
My ex husband and I NEVER filed a joint tax return in the 13 years we were married. He currently pays $500 in alimony per month. He just called to request my SSN so he can get the alimony deduction. Should I give it to him?" … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
What would the rate of capital gains tax on income property
what would the rate of capital gains tax on income property held for 25 years by an owner who of late had and will have income of less than20,oooIt is also my understanding we (my brother and I) are e… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Client wants to file a joint tax return; spouse is
client wants to file a joint tax return; spouse is incarcerated entire year; client has a Power of Attorney form 2848 dated 2/24/16; spouse was incarcerated all of 2016 & 2017, and still is; client ha… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I need to verify that my tax return was filed by Turbo Tax.
I need to verify that my tax return was filed by Turbo Tax … read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
Regarding filing amended returns, the year we're amending is
Regarding filing amended returns, the year we're amending is within the 3-year SOL but the reciprocal year to correct the mistake in Accrued Income is outside the SOL and will be a Tax Due situation. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
736 satisfied customers
I am doing an amended return for a couple that are now
I am doing an amended return for a couple that are now divorced. They both paid their share of the liability based on their portion of income. The amended return was done because income and expenses w… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am filing tax return for a deceased person. There is a
I am filing tax return for a deceased person. There is a personal representative and two people that are on the will and states any and all property be divided evenly between the two. Who gets income … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
The 2013 tax return was filed in year 2015 and later
The 2013 tax return was filed in year 2015 and later realized that the amount of taxes paid were more than the actual taxes due. therefore we are planning to amend the return. Will IRS send us refund … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
The 2018 tax law will allow homeowners to deduct property
The 2018 tax law will allow homeowners to deduct property taxes and either income or sales taxes with a combined limit on these deductions being limited to no more than $10,000. What does this mean? w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
I lost my refund check for an amended return and want to
I lost my refund check for an amended return and want to know if it could be canceled and a new check sent to me. It may have been stolen out of my purse. … read more
Shan-Nel Simmons
Shan-Nel Simmons
Tax Professional/Owner
Master\u0027s Degree
29 satisfied customers
Impact of tax changes on filing amended returns... Client
Impact of tax changes on filing amended returns... Client filed a 2016 tax return on time in 2017. If the tax laws change significantly, which laws apply when amended returns are filed... the tax laws… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,098 satisfied customers
Can a taxpayer file an amended return to elect into the
Can a taxpayer file an amended return to elect into the installment method if the original return was filed error without the installment method.… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
I have to file an amended return 2015. I used H&R Block tax
I have to file an amended return 2015. I used H&R Block tax software. Can I use H&R Block software to amended my return? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,284 satisfied customers
When will 2015 amended returns be processed, I filed an
I filed an amended return 1 year ago. IRS has not yet begun processing. How long does it take? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,284 satisfied customers
I am filing an amended return that pertains to some patent
I am filing an amended return that pertains to some patent expenses (on schedule C) I did not expense on the original 1040 and 540 (they remained on the balance sheet). I have now expensed them and ha… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I'm wondering if I need to file an amended return. I e-filed
Hi! I'm wondering if I need to file an amended return. I e-filed yesterday, so I know I can't do anything for a while, but I wanted to make sure I'd need to file one in the future. … read more
Wallstreet Esq.
Wallstreet Esq.
Tax Attorney
Doctoral Degree
586 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x