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ChickSoonerFan
2/4/2008, 04:22 PM
Any one know how I could go about filing an amended tax return for the year 2000?

The IRS and disagree on my income for that year. I have found the tax form 4506-T which appears to allow me to request copies of back returns and the income that was reported but I have no idea how long it is going to take and I have a time issue here.

I think they are showing income from a sale of a house as income, not just the profit from it.

Basically, if I have my income information, where can I go to file 2000 return. I do not have a copy of my 2000 taxes but I do have my w-2 and 1099.

Anyone? Ideas? Please? Soon?
Sooner Born Sooner Bred
2/4/2008, 04:24 PM
I'm asking a friend of mine. I'll email you if she responds.
ChickSoonerFan
2/4/2008, 04:42 PM
Thank you!!!
Hamhock
2/4/2008, 04:58 PM
the proper way to do is to file 1040X. one column shows As Filed, one column shows AS Amended. You'll need a copy of the originally filed return.
JohnnyMack
2/4/2008, 05:02 PM
Can you tell wimmens not to drop the soap?
ChickSoonerFan
2/4/2008, 05:02 PM
the proper way to do is to file 1040X. one column shows As Filed, one column shows AS Amended. You'll need a copy of the originally filed return.

I can't find my 2000 return?
ChickSoonerFan
2/4/2008, 05:03 PM
Can you tell wimmens not to drop the soap?


:(
JohnnyMack
2/4/2008, 05:04 PM
You should learn how to make a shiv.
Hamhock
2/4/2008, 05:05 PM
how do you look in orange?
Hamhock
2/4/2008, 05:06 PM
1-866-562-5227
1stTimeCaller
2/4/2008, 05:09 PM
how do you look in orange?
:hot:
ChickSoonerFan
2/4/2008, 05:25 PM
1-866-562-5227

I am afraid to call it!?!?! What is it?
usmc-sooner
2/4/2008, 05:30 PM
send the government a sticky that's says MY BAD
Hamhock
2/4/2008, 05:35 PM
I am afraid to call it!?!?! What is it?


irs number where you can request a copy.


did you receive a notice of underpayment?

you may be able to resolve it just by writing them a letter stating the error. the notice should have shown where your numbers disagree.
TheHumanAlphabet
2/4/2008, 05:35 PM
I haven't done it, but be sure to add up all the improvements you did to the house that stayed with the house and improved its value. I believe you can add that value to the purchase price and subtract that total from the selling price to get your "cost basis". You will be taxed on the positive change of the cost basis, not the full value of the house. That is if you bought the house, rather than inherited it or such. If inherited it is income in the year you realized it. - I believe.

Or you could call Wesley Snipes, He seems to be good at tax evasion and not going to jail.
Hamhock
2/4/2008, 05:36 PM
If inherited it is income in the year you realized it. - I believe.
[/B]

no
ChickSoonerFan
2/4/2008, 05:40 PM
I lived there 2 of the 5 years prior to the sale and made less the $250K off of it, that seems to exclude me from having to claim it as capital gains.


Thanks all. If you don't hear from me for 7-10 years, you will know where to find me. And welcome me back when my debt is paid.
Howzit
2/4/2008, 05:41 PM
1tc said he'll write to you.
1stTimeCaller
2/4/2008, 05:43 PM
I would bake you a cake with a file in it.
Czar Soonerov
2/4/2008, 06:33 PM
Sounds like you did'nt report the sale of the house. The IRS taxes you on the full amount of the 1099-S if you don't report it. You should take your return to a CPA and have him/her prepare your amended return.



/Gawd I'm glad I don't have to deal with that crap anymore...
Jimminy Crimson
2/4/2008, 09:39 PM
(405) 599-1234
ChickSoonerFan
2/4/2008, 10:19 PM
Sounds like you did'nt report the sale of the house. The IRS taxes you on the full amount of the 1099-S if you don't report it. You should take your return to a CPA and have him/her prepare your amended return.



/Gawd I'm glad I don't have to deal with that crap anymore...

The guy who usually does them bailed on me today..I was SHOCKED. He has had my stuff for a week then today says he can't meet the deadline.

I think I am going to have to have someone do them for me though because I was self employed that year and have no idea how to do the write-off's and contract labor I paid out. And stuff.

Now I am stressed again.
Whet
2/4/2008, 10:33 PM
After purchasing soap-on-a-rope, contact the IRS (if you got a letter or two from them, there should be a contact person) to get the timeframe extended. Typically, a reasonable request should be granted. It would only cost you additional interest, if you have to pay more $$. The main issue is to ensure you are not accused of not reporting income - remember what happend to Al Capone!

Don't get stressed out, just find a tax attorney to work with you on this issue, it may be your best path.
ChickSoonerFan
2/4/2008, 10:46 PM
Getting the time extended is my main immediate goal. That is good advice I have heard a couple of times today. Need to do that.

Thanks.
Ike
2/4/2008, 11:04 PM
Think how much harder they'd come after you on this under a national sales tax only system...


Sorry...just what went thru my mind when I read the first post.
Hamhock
2/5/2008, 08:42 AM
a tax attorney is overkill for this situation.

have you received the threat to levy yet?

if not, just request a copy of your 2000 return, take the stuff to a CPA and file the amended.

was the guy that bailed on you just a friend or someone in public practice?
Mongo
2/5/2008, 08:44 AM
listen to Ham, he has killed a bobcat with a bow and he knows what he is talking about
TheHumanAlphabet
2/5/2008, 09:27 AM
no

Hamhock, you saying if I get the 'rents house after they meet the maker, I don't pay anything on it? I realize the estate is liable for all expenses, but if I sell the house, I have reportable income - no? So if I keep the house, there is no tax liability, or the liability only occurs if/when I liquidate?

Or were you saying something else?
TheHumanAlphabet
2/5/2008, 09:28 AM
listen to Ham, he has killed a bobcat with a bow and he knows what he is talking about

So have you? There is a photo going around about some guy in Jet, OK killing a Bobcat that was stalking him while he was deer hunting. The cat is like 6 feet long - huge! The guy is holding him up and he is longer than this guy is tall.

EDIT: Updated town to Jet from Jay...
Hamhock
2/5/2008, 09:42 AM
Hamhock, you saying if I get the 'rents house after they meet the maker, I don't pay anything on it? I realize the estate is liable for all expenses, but if I sell the house, I have reportable income - no? So if I keep the house, there is no tax liability, or the liability only occurs if/when I liquidate?

Or were you saying something else?


you get a stepped-up basis in the house at time of death.

when you sell the house, you pain gain on the difference.
Taxman71
2/5/2008, 10:29 AM
you get a stepped-up basis in the house at time of death.

when you sell the house, you pain gain on the difference.

Freudian slip?

Gain only on the difference, unless he continues to rent (and take depreciation) on the house after inheriting it. Then there is more gain and it is taxed at a higher rate than capital gains.
Mjcpr
3/1/2008, 10:14 PM
Do you have to report a cash inheritance?

I inherited bank accounts....cash...in 2007 but I can't figure out where (or if) I need ro report it on my return. I thought if you didn't have to report it, it would say somewhere in the tax rules. :confused:

The cash is far, far under the estate tax minimums