Monday, April 26, 2010

Questions for the Tax Lady: April 26th, 2010

Check out the following new Questions for the Tax Lady answers and feel free to ask me questions through one of the links below. You can send me an email, direct message or @ reply, and I will do my best to get an answer for you!

Question #1: If I make energy efficient upgrades to a rental property will they still qualify for the federal tax credit?

Unfortunately, the IRS will only allow you to claim the federal tax credit for energy efficient improvements made to your primary residence. Therefore, rental properties or summer homes will generally not qualify.

Question #2: I just realized I made a mistake on my federal tax return, how do I correct it?

You may need to file an amended return with the IRS depending on the error. If it is just a simple math error then the IRS will most likely correct it, but if you forgot to include all sources of income or missed a valuable credit then you will need for file IRS Form 1040X, Amended U.S. Individual Income Tax Return.

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