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Procedure to amend a 2022 tax return for missed rental depreciation

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January 18, 2024

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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April 25, 2024

The 2025 Fiscal Year Budget, as outlined in the provided excerpts, focuses on several key areas to support and advance the United States' domestic and international priorities. Here's a summary of the main points covered:

1. Defense and Pacific Deterrence: The budget emphasizes strengthening deterrence in the Indo-Pacific region through the Department of Defense’s 2025 Pacific Deterrence Initiative. It aims to ensure the readiness of America's armed forces, invest in the submarine industrial base, and support the AUKUS agreement, particularly in aiding Australia to acquire nuclear-powered submarines.

2. Humanitarian Assistance and Global Food Security: It allocates $10.3 billion for humanitarian and refugee assistance to support millions of people worldwide. An additional $10 billion is requested to address global humanitarian needs, including the situation in Gaza.

3. Climate Leadership and International Finance: The budget doubles down on America's global climate leadership, aiming to fulfill the President's $11 billion commitment for international climate finance and includes a $3 billion contribution to the Green Climate Fund.

4. Domestic Investments in Families: Key domestic initiatives include supporting nutrition safety nets with $8.5 billion, funding universal pre-K and Head Start to enhance early childhood education, and expanding opportunities and equity through various programs.

5. Homelessness and Veterans' Health: It provides $4.1 billion for Homeless Assistance Grants and prioritizes veterans' mental health services and suicide prevention with significant investments in healthcare and benefits for veterans exposed to environmental hazards.

6. Workforce and Economic Preparation: The budget continues the implementation of the President's Investing in America Agenda, with substantial funding for infrastructure, transportation, and the introduction of a comprehensive paid family and medical leave program, alongside a call for mandatory paid sick days for all workers.

This budget reflects a comprehensive approach to addressing both immediate and long-term challenges, with a strong focus on defense, humanitarian aid, climate change, family support, veterans' health, and economic resilience.

April 22, 2024

Yes, members of the military can receive automatic extensions to file their taxes under certain conditions. Here are the key points based on the provided context:

1. Members Serving in Combat Zones or Qualified Hazardous Duty Areas: The deadline for filing tax returns, paying any taxes owed, and filing a claim for a refund is automatically extended for individuals serving in a combat zone or a qualified hazardous duty area. This extension applies not only to members of the Armed Forces but also to merchant marines serving aboard vessels under the operational control of the Department of Defense, Red Cross personnel, accredited correspondents, and civilians under the direction of the Armed Forces in support of the Armed Forces. The extension period begins after the later of the last day in the combat zone or the last day the area qualifies as a combat zone, plus an additional 180 days after the last day of any continuous qualified hospitalization for injury from service in the combat zone.

2. Individuals Outside the United States: U.S. citizens or residents who are living outside the United States and Puerto Rico and whose main place of business or post of duty is outside the United States and Puerto Rico, including those in military or naval service on duty outside the United States and Puerto Rico, are allowed an automatic 2-month extension to file their return and pay any federal income tax due without needing to file Form 4868. This extension is until June 15 for those who use the calendar year for tax purposes. If more time is needed beyond the automatic 2-month extension, individuals may request an additional 4-month extension by filing Form 4868, for a total of 6 months.

3. Specific State Extensions: Some states, like Kentucky, honor federal income tax extensions for their state income tax filings. For example, members of the Army, Navy, Marines, Air Force, or Public Health Service serving in a combat zone are not required to file a state income tax return and pay taxes that would otherwise become due during their period of service until 12 months after the service is completed. This extension also applies to members of the National Guard or any branch of the Reserves called to active duty to serve in a combat zone.

These provisions ensure that military personnel who are serving, especially those in combat zones or stationed outside the U.S., have additional time to meet their tax obligations without penalty.

April 10, 2024

Yes, to claim past unclaimed depreciation, a taxpayer typically needs to file Form 3115, Application for Change in Accounting Method. This form is used to request a change in either an overall method of accounting or the accounting treatment of any item. When it comes to depreciation, if a taxpayer has not claimed depreciation or has claimed incorrect amounts in the past, filing Form 3115 allows them to correct this error for prior years without needing to amend those years' tax returns.Form 3115 is particularly useful for making corrections related to depreciation because it allows for adjustments to be made across multiple years in one action. This process can correct both over-depreciation and under-depreciation issues. If there is a positive Section 481(a) adjustment (which means previously unclaimed depreciation is now being claimed, thus increasing taxable income), the taxpayer can spread the additional income (and thus the additional tax) over four years, making the correction more financially manageable.It's important to note that changes in depreciation methods, periods of recovery, or conventions are among the types of changes that can be made automatically with the IRS's consent through Form 3115, as long as the taxpayer follows the required procedures outlined by the IRS. This includes properly completing and filing Form 3115 according to the IRS's instructions and applicable revenue procedures.Therefore, if a taxpayer discovers that they have not claimed depreciation or have claimed it incorrectly in past years, filing Form 3115 is a recommended step to correct those errors, subject to IRS rules and procedures.