Correcting the mistaken Schedule E purchase price of a residential property. Observations and questions:
1 - The purchase price correction [though significant] does not change the total tax owed or the [small] refund. This is expected.
2 - Depreciation and carry forward amounts are updated. Also as expected.
3 - BUT.. TT 2021 generates the amended return forms where the previous refund [I already got], shows up again as a refund IRS owes me.
This is not expected. The amended return should show no taxes owed and no refund.
What am I doing wrong, what am I missing and how do I correct this ?
Apologies to the forum for wasting your time. I should have looked carefully. TT creates form 1040-X where the total impact [i.e. no change in tax due and no refund expected] is listed correctly.
That, however, raises the obvious question. Should I even file such an amended return with no 2021 impact to IRS? Should I simply adjust [= override the previously calculated] the 2022 carry forwards and leave it at that?