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Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

 
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Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

6 Replies

Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

Carl
Level 15

Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

The 1040-X is used to make change to (amend) a tax return that has been filed, accepted and completely processed by the IRS. If this is your case, then you simply need to amend your already processed tax return as indicated in the previous post.

 

Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

"foreign exchange gain related to my mortgage. "

 

Attach the relevant forms or schedules to Form 1040-X. 1040-X is only a summary of your changing dollar amounts.

If you e-File 1040-X before Oct 15th, TurboTax will handle all this for you.

 

Be sure your 1040-X is correct before you SUBMIT it.

 

@antoinettelspenc 

Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

@antoinettelspenc 

are you corresponding with IRS?

If not, who told you to do this?

pk
Level 15
Level 15

Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

@antoinettelspenc , having gone through all the responses  above/below ( which totally agree with ) from @Carl , @Critter-3 , @fanfare , I am still at a loss  to understand how you would have a "foreign exchange gain" on mortgage that you are paying/paid.  Assuming that you are a US person  ( citizen/Green Card / Resident for tax purposes ) ,  own a property abroad and on which you are paying mortgage  in local currency,  for purposes of Itemized deductions ( Schedule- A )  you report the total in US $. Thus when the local currency moves up or down the entry reflects that in US$.    The same thing happens when you report e mortgage expenses on a property abroad that you rent out ( Schedule-E ).   Even if you are the mortgagee ( i.e. you are the lender ),  and report this income  on Schedule -C, you still would be reporting everything in US$.    

I am missing something here -- please could you explain the situation a bit more?

 

pk

Hello, I'm told I need to create a form 1040-X and to fill in the section on foreign exchange gain related to my mortgage. Is this form available on turbotax?

On the tax return ... it is customary to use the annual average of the exchange rate posted by the treasury  for all amounts that need to be converted & entered on the return.   You do not have to calculate the monthly exchanges  just enter the totals on the Sch E.  

 

https://www.fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/

 

https://fiscaldata.treasury.gov/datasets/treasury-reporting-rates-exchange/treasury-reporting-rates-...

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