Hi ladies, I need some advice. I received money from a family trust last year (2008) for land sold in 2007. The trusts were finalized in March of this year and we will have not received the K-1 paperwork to ammend our 2007 returns. It is my understanding that all ammended returns have only a three year time limit. Will my three years be up at the end of this year? This tax attorney was passing the buck to the trust attorney and no one seems to be able to have the correct information to complete the paperwork I need and I don't want to miss out on money I could be getting back. We already know there was a loss and there is money coming, just need to send in the forms... Anyone have any idea?
Thank you so much for your help ladies. I will have to pay to have someone re-do our 2007 taxes so they can do the ammended return for me, but it will be well worth getting it right the first time.. Thanks again!!
Hello - the short answer to your question is that you have three years from the due date of your 2007 return (4/15/08)or the date it was filed, if you filed for an extension and filed later than 4/15, to file an amended return. There may be other things to consider, but this is the basic guideline. Hope this helps.
Just so you know where this is coming from, I am a CPA - have been for 30+ years.
S. Zeiler
The dates below are correct. Also, if the trust's fiscal year ended March 2008, then the K-1 will be for 2008 so you might be reporting it as 2008 income so check the year on top of the k-1 so you amend the correct year.
S.
I am a tax accountant and can help you with this...The statute of limitations states that you have three years from the date the return was filed or the date or the due date of the return, which ever is later. So, if you filed your 2007 return on April 10, 2008 you have until April 15 (the due date) 2011 to file an amended return. I hope this helps. If I can answer any other questions or can elaborate on this for you please feel free to give me a call ###-###-####.
You have 3 years from the due date of the return (including extensions) to file an amended return for refund. That means a 2007 return which is due on 4/15/08 can be amended for refund until 4/15/11.
Okay, I'm not a tax accountant, so I'm not giving professional advice. I'm just telling you what I've heard, based on the information you supply above. If you went to a professional, you would be asked a lot more questions. There are other issues that have to be known to determine if you have a taxable gain or loss.
The trustee of the trust is responsible for filing the trust return.
My amateur understanding is that the three-year limitation is only for refunds. The three years begins at either the due date of the return or the filing date of the return, whichever comes later. On the other hand, if you owe money, there is no three-year limitation.
Hope this helps.
Your 3 years should not be up until 2010 but contact the IRS for more accurate information.
