I will be mailing my 2021 just amended return today to IRS. How long will take for confirmation of acceptance? (or rejection)?
Reason for amend was I failed to take rental condo HOA assessment costs (total 3000.48) TT Says I have now have a refund of 609 from Fed.
Question, am I allowed to take this same deduction on my 2022 return (now in progress, not filed yet) or does one have to wait until IRS accepts amended? If I do have to wait (over one month) then it looks like I will have to file 2022 without taking this deduction and will have to amend the 2022 in the same exact way! This is crazy!
Should I take a chance and take it? What could happen?
Thank you all,
StevenF
Even during “normal” times it takes about four months for the IRS to process an amended return. During the pandemic and due to the severe backlog at the IRS it is taking much longer—six to nine months or more for many amended returns. Do not expect quick results from amending.
You can watch for information here:
https://www.irs.gov/Filing/Individuals/Amended-Returns-(Form-1040-X)/Wheres-My-Amended-Return-1
Each tax year is separate. You do not have to wait for the IRS to process your amended 2021 return in order to file your 2022 return. If you made a mistake on 2022, you should wait for them to process the original 2022 return before you amend 2022.
It takes time. The IRS has been extremely slow since COVID so I wouldn't expect to hear anything for several months. There will be no acceptance, rejection or confirmation from them so for this reason I recommend you send it Priority Mail at the USPS to at least have a confirmation receipt to know it was delivered.
No. You do not have to wait to file your 2022 tax return and if you rent your condo all year the HOA fees can be deducted. There is no reason for concern or question about whether the fees are deductible as long as your condo is rented at fair rental value and has been available for rent, advertised as such, if at any time, it was vacant. This answer assumes no personal use has taken place.
Maybe I can re word Question. I amended because of failure to take significant deduction. Would like to take same deduction this year. Any problem with that?
Thanks,
StevenF.