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I filed my returns but later noticed that the mortgage interest I paid is shown in my itemized deductions and included in my rental property costs. What should I do?
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I filed my returns but later noticed that the mortgage interest I paid is shown in my itemized deductions and included in my rental property costs. What should I do?
Yes, you should amend if the same amount is included in both the Schedule A and the Schedule E (rental).
Amending is done on Form 1040X. Also, if your return is accepted, you should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.
Amended returns have to be printed and filed by mail. It can take the IRS up to 12 weeks or longer to process them. If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it. If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return.
How to Amend?
https://ttlc.intuit.com/replies/3288565

- Mark as New
- Bookmark
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I filed my returns but later noticed that the mortgage interest I paid is shown in my itemized deductions and included in my rental property costs. What should I do?
Yes, you should amend if the same amount is included in both the Schedule A and the Schedule E (rental).
Amending is done on Form 1040X. Also, if your return is accepted, you should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.
Amended returns have to be printed and filed by mail. It can take the IRS up to 12 weeks or longer to process them. If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it. If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return.
How to Amend?
https://ttlc.intuit.com/replies/3288565
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