I am in the process of amending my 2024 tax return. I filed late at night/tired and forgot I had to claim a deduction for payments made to a contractor to do a lot of work on my rentals. The amount of the 1099-NEC is just over $30,000. I had other write offs as well from my spreadsheet, and actually had a loss on the apartment building. But when I just added his labor to my expenses it doesn't change my taxes owed at all? I had an extra hit this year because I took a 401k disbursement so I owe a lot more because of that $35,000. Does the fact that I had even deeper losses in one business not help offset taxes owed from my other income from another business and the 401k income? One other thing I forgot was a small royalty of about $70. When I add that $70, it sure adds $12 to what I owe, but the $30,750 I paid to a contractor makes no change at all. I also don't see a way to record all the info like his SS# etc. from the 1099 I sent to him.
