USA 593 withholding question in relation to yearly tax filings

[Pandu Chimata]

Hello team, How is everyone doing? Hope everyone is safe from Covid 19 and you are at your best.

I have recently sold a property (flip transaction) and claimed loss in my 593 form while closing the sale. Now I realized that the loss I made is more than what I initially claimed. How this can be adjusted? Do I have an opportunity to claim this loss or increased loss during my annual tax returns?

Please advise.

 

[kirby]

The instructions for form 593 tell you how to amend the form.

 

[Pandu Chimata]

Thank you Kirby. Once amended, should the updated form submitted during annual filing time or I need to do it now and get it processed via escrow company?

 

[kirby]

Do it now.

 

[Pandu Chimata]

Thank you for your response!