Procedure to amend a 2022 tax return for missed rental depreciation
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Procedure to amend a 2022 tax return for missed rental depreciation

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To amend a 2022 tax return for missed rental depreciation, you would need to follow these steps:

1. **Obtain Form 1040X**: This is the form used to amend a previously filed tax return. You can download it from the IRS website.

2. **Complete Form 1040X**: Fill out the form, paying special attention to the section that asks for the reason for the amendment. Here, you should explain that you missed claiming depreciation on your rental property.

3. **Adjust Your Income**: On Form 1040X, you'll need to adjust your income to reflect the depreciation you should have claimed. This will reduce your taxable income.

4. **Recalculate Your Tax**: After adjusting your income, you'll need to recalculate your tax liability. If the depreciation results in a lower tax liability, you may be due a refund.

5. **Attach Relevant Forms**: If you originally used Schedule E (Supplemental Income and Loss) to report your rental income and expenses, you'll need to fill out a new Schedule E with the correct depreciation and attach it to Form 1040X. Also, if you haven't done so in the past, you'll need to fill out Form 4562 (Depreciation and Amortization) to calculate your depreciation deduction.

6. **Submit the Form**: Once you've completed Form 1040X and any other necessary forms, mail them to the IRS. The mailing address can be found in the instructions for Form 1040X.

Remember, it's important to keep copies of all documents for your records. Also, amending a tax return can be complex, so you may want to consider seeking help from a tax professional.

Please note that the IRS typically allows taxpayers to amend returns within three years from the date of the original return or within two years of the date the tax was paid, whichever is later. So, for a 2022 tax return, you generally have until sometime in 2025 to file an amended return.
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