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Level 2
posted Apr 9, 2020 1:54:26 PM

Do I need to amend return due to change in Schedule E expenses if no change in tax due?

With the changes due to the Tax Cuts and Jobs Act (TCJA) effective 2018 I no longer itemize deductions.  I think I want to switch from allocating Mortgage Interest and Property Taxes from the Tax Court method to the IRS method to increase the amount allocated to Schedule E.  This will result in a bigger loss on my schedule E that I may be able to use in the future when I sell the property or have profits.

Question:  If I want to change this allocation for my filed 2018 do I need to amend my return?  It will not change the amount of tax refund as I am unable to deduct the schedule E loss.

Thank you

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1 Replies
Expert Alumni
Apr 9, 2020 2:16:44 PM

If the change from Tax Court Method to IRS Method doesn't change your Refund, you may not need to Amend your 2018 return.

 

However, f it changes the amount of the Carryover Loss, you may want to Amend and list your reason for amending as 'Change from Tax Court Method to IRS Method on Schedule E'.

 

Click this link for more info on How to Amend a 2018 Return.