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Old 03-10-2012, 11:38 AM
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I need help!!! do I have to file 2011 taxes? or should I ammend 2010?

Hello, I need help! I sell my personal belongings on ebay and I filed business taxes for it in 2010, I thought I had to report all income but recently was informed that I did not have to because it was my personal belongings, problem is that my sch. C shows $180. in leftover inventory from 2010. I'm wondering what would happen if I just don't file this year? I don't know what to do, Thanks for your help



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Old 03-10-2012, 09:17 PM
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Join Date: Oct 2010
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“I sell my personal belongings on ebay and I filed business taxes for it in 2010, I thought I had to report all income but recently was informed that I did not have to because it was my personal belongings, problem is that my sch. C shows $180. in leftover inventory from 2010. I'm wondering what would happen if I just don't file this year? I don't know what to do,”-----> If you notice an error on a tax return you originally filed, or simply want to take advantage of a credit or deduction you overlooked, you'll want to file an amended return with the IRS. Additionally, most states require that you amend your state return for the same tax year you're filing a federal amendment; however, filing amended return is not mandatory. It may cost more than your refund amount. Legally, taxpayers are required to accurately compute and report their income, deductions, credits and tax liability on a timely filed return. However, there appears to be no authority in the Internal Revenue Code , the regulations or case law that imposes a legal duty on a taxpayer to file an amended return to correct an error or omission on a return previously filed. This is true regardless of whether the error omission has resulted in an understatement of tax due or whether the statute of limitations is still open with respect to that year.



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