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Updated over 1 year ago, 06/29/2023
Can you amend previous return to take LESS depreciation?
Hey all, I did a cost seg on my rental property last year & wrote off a bunch of bonus depreciation. Unfortunately, I'm facing an upcoming divorce & the easiest solution to my financial situation is to sell this rental. Rather than pay hefty depreciation recapture tax, can I amend last years return to take less depreciation?
Last year was the first year the rental was placed in service, so there would be no need to change the accounting method, just the total depreciation amount.