Hello everybody. I hoping for some solid advice here as im torn on what to do.
A long story short, I sent out my paperwork with instructions to my CPA who filed my taxes. For one reason or another she wrote off more then what was instructed and did not claim all rents received from my two properties. Why, I don't know. Possibly that she misread my documents, maybe there was a mixup, or maybe she thought she was helping me out with a bigger refund.
As im sure you all know this can be a problem with getting a future mortgage as it is going to drastically changed my DTI. Never mind the possibility of an audit. ( Not worried as much about an audit and she didn't go overboard so I don't see any red flags)
I wasn't happy when I received my copy but figured that I could easily fix this and amend them to what they are suppose to be and correct everything. My problem is that my Banker told me that even now if I fix them now that they would not be able to use my amended taxes because it will show more income then what my original tax return stated. ( He works for quicken loans.)
Am I screwed now? Are all lenders this way? Do I have to basically write this year off due to lack of income and poor rental history? What would you do?
Obviously I will be finding another CPA soon and inquire on his opinion on the matter. Hopefully all hope is not lost. ( Im open to suggestions on CPA's too. Im located in the Detroit area right now)
@Jerron Contratto before amending your returns, I suggest you get in touch with a real estate savvy CPA and discuss with him/her. You are by no means screwed, you just need to find an advisor that fits your needs.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.