I recently filed my state and fed taxes, and included some land tax for a house I just bought. Turns out, the land tax that was supposed to be paid in dec. was not paid by my bank. I am late and have to pay it now. Problem is - I already included that in my tax return. If I just pay it now, will I have to amend, if I do not claim it as deduction on this years?
2007-03-14 15:16:11 · 5 answers · asked by B 5 in Business & Finance ➔ Taxes ➔ United States
Yes, you need to go in and amend the return. What happens is that it will come to light--sooner or later--that this tax wasn't paid in 2006. At that time, you may have to pay interest and penalties on whatever tax you owe as a result of this error. Best to get it done and pay in the few dollars difference now.
Personally, I'd wait until the refund is processed before mailing the amended return and whatever you owe because of that. You'll be well within the deadline to file the amended return, and have some of the refund you will have received (assuming there was one, that is) to pay the difference with. You'll more than likely need to amend the state tax return, too.
2007-03-14 15:26:38 · answer #1 · answered by Anonymous · 1⤊ 2⤋
Since you did not pay the tax, the proper thing to do is amend the 2006 return and remove the deduction for the land tax. Then take the deduction on your 2007 return.
2007-03-15 05:08:16 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
The correct answer is to amend your return. The practical approach is to do nothing. Don't claim it in 2007. As long as you don't double deduct it it should be fine. The property tax received by the county is not reported directly to the state of IRS so they have nothing to cross check on. The only possibility of there being a problem is if you were the subject of a general audit.
2007-03-14 15:35:58 · answer #3 · answered by ? 6 · 1⤊ 0⤋
Since you actually paid it in 2007, you'll have to amend your 2006 return and pay any additional tax due by April 17, 2007 to avoid any penalties and interest. You can claim it on your 2007 return, however, along with the 2007 taxes that you actually pay in 2007.
2007-03-14 15:21:03 · answer #4 · answered by Bostonian In MO 7 · 4⤊ 1⤋
A married individual can no longer declare HoH, so the "husband" filed illegally first of all. If he does amend, the mummy might ought to pay money returned. "as I understand you in lots of cases have the spectacular to amend and if he does and records at the same time (we are in a non-communal belongings state), they could no longer touch the refund, how might this artwork or might it no longer artwork?" - incorrect!!! they are going to nonetheless take it. The spouse records injured important different with the joint return.
2016-11-25 20:52:38 · answer #5 · answered by ? 4 · 0⤊ 0⤋