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Question

I forgot to include a 1099-S on my taxes this year, I’ve already received my refund.....do I have to file a 1040-x to amend my return even though I am exempt?

AI accountant’s answer:

Yes, you should file a Form 1040-x to amend your return. If you don't amend your return, it is likely that the IRS will treat all of the sales price as gain. You could resolve it at that time, but it is generally just as easy to file a Form 1040-x.

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Melissa Pedigo, CPA

Melissa Pedigo has been a CPA for over 20 years and she is one of the only CPA copywriters in the world. With a vast knowledge of U.S. tax and accounting, she’s able to write about tax and finance topics from a unique perspective...as an industry expert. When she’s not writing or being an accounting nerd, you’ll find her watching and playing tennis, reading, tending to her half-grown garden, and studying foreign languages

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