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kcsun73
New Member

I did not realize I was required to file a Schedule E form for year 2016 since the rental house was starting to go to foreclosure. Can I amend my 2016 return and add it?

I am being sued also for back taxes and the property went to sheriff sale in 2017.  I would need to file for 2017 as well.  Is it possible to just add the Schedule E form for both years?
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5 Replies

I did not realize I was required to file a Schedule E form for year 2016 since the rental house was starting to go to foreclosure. Can I amend my 2016 return and add it?

see a real estate lawyer. this does not appear to be an income tax issue but an issue with you failing to pay taxes levied on the property.  in addition, TurboTax is no longer available for 2016 or 17.   you can download the forms from the IRS website but it is doubtful they will do you any good.

https://www.irs.gov/forms-pubs/prior-year 

 

kcsun73
New Member

I did not realize I was required to file a Schedule E form for year 2016 since the rental house was starting to go to foreclosure. Can I amend my 2016 return and add it?

It is not an issue with taxes on the property it is more that I did not show the loss (that was taken all prior years) for 2016.  The question really is can I amend my 2016 return to add a schedule E ? 

I did not realize I was required to file a Schedule E form for year 2016 since the rental house was starting to go to foreclosure. Can I amend my 2016 return and add it?

You cannot amend a 2016 or 2017 return to add a loss any longer.

Carl
Level 15

I did not realize I was required to file a Schedule E form for year 2016 since the rental house was starting to go to foreclosure. Can I amend my 2016 return and add it?

Amending a past return for this specific issue has no impact on the issue. Your back taxes are for property taxes, and property taxes have absolutely nothing to do with your income taxes.

Also, since long term residential rental real estate operates at a loss "on paper" at tax filing time, filing for those losses for 2016-17 are a waste of time, as you are well past the 3 year statute of limitations on that.

You "need" to seek the services of an attorney as soon as possible. What type of attorney is hard to say. But I would start with a real estate attorney.

I did not realize I was required to file a Schedule E form for year 2016 since the rental house was starting to go to foreclosure. Can I amend my 2016 return and add it?

Yes, you can amend.

 

However, depending on the circumstances, it might not benefit you because you can no longer receive an income tax refund for those years.

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