After reviewing my fiances taxes from last year, I found that he did not claim any of the property taxes, mortgage interest or points paid for 2005; is he able to claim them now? How should he go about doing this?
2007-03-01 05:09:13 · 7 answers · asked by foolograce72 2 in Business & Finance ➔ Taxes ➔ United States
You can file and amended return (1040X). You will need last years tax return and get a copy of the Schedule A.
Did he itemize last year, if so just add it all up on the new Schedule A and bring it forward to the 1040X. If not, fill out the Schedule A to see if it is higher than the standard deduction. If it is then bring it forward to the 1040X.
Make sure that if you do amend to complete the whole return to see if it affects any other forms for credits and such because that will have to be changed as well.
You will have to mail in the 1040X and the Schedule A AND any other forms affected by the amendment.
It's not that bad to do on your own. Good luck.
2007-03-01 05:18:51 · answer #1 · answered by R Worth 4 · 1⤊ 0⤋
If it will benefit him, he can amend his 2005 tax return, claiming those expenses. Since they were paid in 2005, they can only be reported on a return for that year.
2007-03-01 17:30:29 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You cannot report prior years tax deductions in the current year. What you do is this:
Either go to irs.gov and search for Form 1040X (Amended Tax Return). Read the instructions. You will discover that for an average person, understanding this form and
its supporting schedules may take up to 5 hours.
Your best bet is to go to either a tax practitioner or CPA and let them prepare the amended return. And if your filed a state return in that year, you can also file an
amended return for the state as well.
Go to a professional to get the work done.
2007-03-01 14:22:34 · answer #3 · answered by bold4bs 4 · 0⤊ 2⤋
If claiming those deductions increase the total Itemized deduction to more than the Standard Deduction amount for his filing status then he might want to file an amended return for 2005. If the total Itemized deduction is less than the Standard, it would not make sense to claim them.
Pub 936
2007-03-01 13:15:13 · answer #4 · answered by Rob 7 · 1⤊ 0⤋
He must file an amended return for 2005 on Form 1040X. That's the ONLY way.
2007-03-01 14:09:19 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
yáll need to go to a CPA.
You can Look information on the IRS.com
go to the Home Owner's guide.
is his house his home stead? I know if you buy a house after January of the year you have to wait a year before claiming homestead. ex:
I bought a house in july 2006, I can't claim homestead on 2006 taxes because I did live there before January 31, of that year. I can claim homestead on 2007 taxes.
good luck
2007-03-01 13:18:10 · answer #6 · answered by realtortx 1 · 0⤊ 4⤋
He will have to refile his taxes. You can find the forms and information on line at www.irs.gov. Good catch BTW!
2007-03-01 13:13:53 · answer #7 · answered by lcritter55118 4 · 0⤊ 3⤋