Can I amend a tax return if my business investment loss was not reported on that year’s 1040?

Jan 03, 2019

My wife files for both of us jointly via Turbo Tax. I had made a business investment in 2016 which had lost $6,000. It was not listed or reported on the 2016 1040. Can I amend the 2016 tax return and get a full or partial tax credit for the $6,000 at this point?

The 2016 tax return can be amended within three years of the original tax filing, including extensions.  Check out this PICPA Money & Life Tip that explains the process of amending a tax return.

If the loss you mentioned is deductible, you can request a refund relating to the decrease in taxable income.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Joseph G. Tropiano II, CPA, is with Siana, Carr, O’Connor & Lynam LLP in Paoli, Pa.

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