Ask me questions on Real Estate Tax Strategy or Investing

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As a specialized real estate CPA, I'm here to provide expert guidance on your most complex tax matters, from navigating 1031 exchanges and cost segregation studies to optimizing your rental property deductions and handling multi-entity structures. Whether you're a seasoned real estate investor or just starting out, fire some questions at me and let me provide you with some insight that I'm hoping will be helpful to you in your investing journey.

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It's essential to handle your tax situation honestly and correctly. If you made a mistake on your tax return, you can typically file an amended return to correct it. In your case, it's important to rectify the situation as soon as possible.

Here's what you can do:

1. File an amended tax return: You can file Form 1040X, Amended U.S. Individual Income Tax Return, to correct errors on your original return. Make sure to include the correct information, such as your actual income and deductions. Be honest and transparent in your amendment, as attempting to deceive the IRS can result in penalties and legal consequences.
2. Pay what you owe: It's essential to pay the IRS the full amount you owe, including any penalties and interest. Ignoring your tax debt can lead to further complications.
3. Be prepared for potential consequences: Filing an amended return might trigger the IRS to investigate your tax situation further. It's crucial to be honest and cooperative with any inquiries or requests from the IRS.
4. Seek professional help: If you're unsure about how to amend your tax return or need assistance with the process, it's a good idea to consult with a tax professional or accountant. They can provide guidance and ensure you're following the correct procedures.

Remember that honesty and transparency are essential when dealing with the IRS. Attempting to deceive or defraud the IRS can lead to serious consequences, including fines and legal issues. It's best to address your tax situation promptly and correctly.