Filing erxtension for 2010 taxes

[SanDiegan45]

What is the name of your state (only U.S. law)? Federal & CA

Due to my pending divorce and some other issues, I was not able to file my taxes on Apr 15 this year. And filed an extension request. I was wondering if I can not file till the end of Oct., (or whenever the filing deadline is) will I be penalized ? I will not owe any taxes to neither IRS not to the state of CA but am expected to get a tax return from both sides as a side fact.

Do I need to file another extension request but I don't know if such a second extension is possible or not. I have an international trip coming up next week and I won't be back before the end of the month and don't want to find myself in a bad situation.

Thank you

 

[tranquility]

There are no more extensions of time. It must be in by Monday.

However, since most penalties are based on what you haven't paid, if you file in a timely manner, you will not get a penalty if you get a refund.

 

[SanDiegan45]

The reason I am not able to file is, I have a rental house which my stbx signed the lease papers, collected rent and everything. But it is a small money pit for what I am paying in mortgage vs what the monthly rent was. I have no maintenance bills or whatever else expenses out there.

My stbx was the keeper of finance books and tax preparer etc. Now I am feeling like fish out of water. If I file my taxes barebones, i.e. just 2010 W2 and minimal amount of other income & loss statements on Monday, can I amend the return when I file for 2011 the next year ?

 

[LdiJ]

The reason I am not able to file is, I have a rental house which my stbx signed the lease papers, collected rent and everything. But it is a small money pit for what I am paying in mortgage vs what the monthly rent was. I have no maintenance bills or whatever else expenses out there.

My stbx was the keeper of finance books and tax preparer etc. Now I am feeling like fish out of water. If I file my taxes barebones, i.e. just 2010 W2 and minimal amount of other income & loss statements on Monday, can I amend the return when I file for 2011 the next year ?

You can amend your return any time in the three years following the due date for the return. However, if you have rental income, it needs to be included on your return.

 

[SanDiegan45]

You can amend your return any time in the three years following the due date for the return. However, if you have rental income, it needs to be included on your return.

My problem is, myself and my stbx are not in speaking terms. My stbx's mildest term of endearment used to call me is, piece of ****. So, asking if the rental income has been reported in my stbx's 2010 tax declaration is futile as I will not be able to get that information in a timely manner. I know the monthly rent and I can report it as income and I have the bank's yearly mtg statement, to show for my losses just by paying mortgage. If I get any bills for repairs done from my stbx in 2010, I am understanding that, I can report them in the next 3 years.

Is that right ?

 

[LdiJ]

My problem is, myself and my stbx are not in speaking terms. My stbx's mildest term of endearment used to call me is, piece of ****. So, asking if the rental income has been reported in my stbx's 2010 tax declaration is futile as I will not be able to get that information in a timely manner. I know the monthly rent and I can report it as income and I have the bank's yearly mtg statement, to show for my losses just by paying mortgage. If I get any bills for repairs done from my stbx in 2010, I am understanding that, I can report them in the next 3 years.

Is that right ?

Only the interest and property taxes are deductible from the mortgage. Clearly you have the necessary information to report all of your income. You just may not have the necessary information to deduct all your rental expenses. File you return today and amend it later, to add the other expenses, if necessary. I sincerely doubt that your ex reported rental income from a property in your name, on her return.

 

[FlyingRon]

And don't forget the depreciation deduction. This is the commonly most omitted issue on rentals. I have a odd feeling that if there is still a mortgage in play, that your MORTGAGE+TAXES+DEPRECIATION probably hit the limit on this passive activity anyway so there may not be a tremendous amount of additional deduction worth taking anyhow.

 

[LdiJ]

And don't forget the depreciation deduction. This is the commonly most omitted issue on rentals. I have a odd feeling that if there is still a mortgage in play, that your MORTGAGE+TAXES+DEPRECIATION probably hit the limit on this passive activity anyway so there may not be a tremendous amount of additional deduction worth taking anyhow.

Good point.