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 ?
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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?
If the amended return results in no change in taxable income or tax liability, you are not required to file the return.
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