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Level 1

Buying a house, I need to amend my taxes to show a higher net income on my returns and tax transcripts for 2015. Please help. Thanks

self employed 1099, and I don't get why banks don't look at the gross income
5 Replies
Level 17

Buying a house, I need to amend my taxes to show a higher net income on my returns and tax transcripts for 2015. Please help. Thanks

"I don't get why banks don't look at the gross income"
Because the profit is all you have available to make the bank payments.

Here are the instructions to amend a tax return.

<a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed"...>
Level 12

Buying a house, I need to amend my taxes to show a higher net income on my returns and tax transcripts for 2015. Please help. Thanks

Maybe I'm misinterpreting things, but is your previous tax return incorrect?  If not, you should not amend.  If you amend with the purpose of falsely 'adding' income or falsely leaving out deductions, you would be filing a false tax return to commit loan fraud.
Level 10

Buying a house, I need to amend my taxes to show a higher net income on my returns and tax transcripts for 2015. Please help. Thanks

They will most likely look at 3 years of tax returns, so amending 2015 is going to be a red flag!  Once you amend, they will know you amended and they will be smart enough to look at prior years returns.  You are playing with fire.
Level 17

Buying a house, I need to amend my taxes to show a higher net income on my returns and tax transcripts for 2015. Please help. Thanks

Can depreciation be adjusted on an amended return?  If you originally took a 179 or special depreciation allowance, can you go back and amend to NOT take that extra depreciation?   (Ive never had this situation before).
Level 16

Buying a house, I need to amend my taxes to show a higher net income on my returns and tax transcripts for 2015. Please help. Thanks

I agree. Don't even go there.

And be aware that you are required to claim all of your business expenses.