E-filing Amendment

[noviceattax]

Dear All,

Can I file my return amendment for 2024 electronically with TurboTax Home and Business? I have a schedule-E being added and there is rental income loss that I am showing. I missed adding schedule-E completely in my previous year filling.

If paper filling do I need to send all the receipts and bunch of papers?

[noviceattax]

Hello all, any response on this?

Also, if I file my 2025 return now. And then file the 2024 ammendment later, how will it impact me? Will I have to file an amendment for 2025 also again?

[DianeW777]

No, you do not need to file all papers and receipts when you amend your 2024 tax return. Be sure to include any forms that changed or are added and file them with your Form 1040-X and of course follow any state protocols. Sometimes the states want an exact copy of the federal when you file the state (original or amendment).

As for your 2025 return, you do not have to wait for the amended 2024, but you do need to know the cost basis of your assets so they are entered correctly. Be sure to include the rental activity and make sure all assets are included with the correct date placed in service and purchase date. This will calculate the correct depreciation for 2025, and there should be no need for an amendment.

The cost of the rental home and land must be separated. You can use the tax assessments from your local county to calculate the percentage of each.  The home and the land are entered as one asset. If you have other assets such as appliances or something else separate from the house itself you should enter those separately if added to the home in 2025.

• Where do I enter income and expenses from a rental property?

Please update with any additional details if you need further assistance and we will help.

@noviceattax 

[noviceattax]

Thanks, @DianeW777 

The cost of land will be fresh each year. Right?
If all the appliances were under limits and we took them as expenses in 2024 than that will also not impact my 2025 return. Correct?
The home built is an asset and that will be depreciated from 2024 to 2025. Right? So that's the only thing that I need to get the right basis for. Correct?

[DianeW777]

No. Once you decide the value of the land it will not change, it will remain the same cost basis throughout the rental period. The cost of the home and land will be entered as an asset, then only the land the in field asking for the price of the land. 

• Land assessed value divided by the combined total of land and home = percentage of total cost that applies to the land.
• Home assessed value divided by the combined total of land and home = percentage of total cost that applies to the home.

The date placed in service will be used to calculate the depreciation for each year or part of a year.

No, the appliances expensed in 2024 will not affect your 2025 tax return.

@noviceattax