uncleshen
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They don't jail people for "mistakes" anymore, intentional or not. In case they found it out, you will have to payback what you owe plus interest. Question is can you sleep tight at night to keep it as a secret?
If you inform the IRS, all you have to do is pay it back. |
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Golden_Lover
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If you get found out then you'll have to pay the difference AND risk getting audited for 7 years. You could also pay an extra fine. |
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John M
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just file an amended return to correct it. do not keep quiet, as once you recognize the error and fail to correct it, you would now be guilty of tax fraud which is a serious offense. Mistakes are mistakes, keeping quiet is fraud. |
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src50
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Expect an audit if you don't file an amended return to correct it. |
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Ankhesan amun
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LOL You have to file an amendment....I mean, you'd be foolish not to. You will surely be flagged and hit with an audit. that can mean the inspection of 7 years worth of records, fines, not necessarily jail time but it's always possible.
Be proactive and take care of it, k?
:) |
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Cut Throat B****
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You need to file an amended return. Either way you're going to have to pay for it but it's a lot cheaper to pay now than it will be to pay later.
PS: How do you not notice that!?!? :-) |
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L.G.
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File an amended Form 1040 and Schedules IMMEDIATELY since your underpayment is growing by 12% annually. Every day you wait increases your costs. Also, immediate action will make it less likely that you will pay penalties as well as interest. |
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Crazy J
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Please submit an amendment form or you will pay the price like I did. I had to pay back 60,000 for a mistake made by myself. |
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James M
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Do yourself a favor, call the IRS, talk to whomever you need to,,, own up to it now, paying now is much better than all the fines, fees and interest thatyou will have to pay later... TRUST ME! |
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me-inside
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CAll the IRS |
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v b
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Pull out the paperwork for 2007. Look at the 1040, line 17. Is this some ungodly number likes ($20,000)? or is it less and the rest is on a form 8582?
This is why you were supposed to reveiw your entire tax return before filing it. Since rental property on a $200,000 property would have been something like $5000 to $7000 per entire year, you really should have noticed when the depreciation was $22,000 instead of $2000.
If you took the entire $20,000 as an expense in 1 year, you could easily owe $5000 plus 6-8% interest, plus another 6% in failure to pay penalty. |
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Ms. Angel..
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Didn't review your tax return before signing an mailing it off to IRS, not a good thing. Well now download form 1040X from the IRS website www.irs.gov and correct your error. Or call 1-800-829-3676 for forms and publications.
Or visit your local IRS office for assistance. |
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cristalgaming
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i'm sure its fine, you're only off by 1 800 000 dollars. |
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*dancer*
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i think you should see a banker for that question! |
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