Land Allocation In Condos

[David K.]

Once you file a 4562 with a certain land allocation can you then file a 1040x to amend the land allocation if you think you allocated too much of the purchase price to land?  I based my allocations on the Summit County, Utah tax assessment letters which had land as around 40% of the value of the condo units I own, however I hear from many people that condos should have at maximum 20% allocated.  I may need to make some adjustments and i'm hoping someone has some experience with amending 4562s and could tell me whether or not its possible.  I want my income to appear as low as possible so I can avail myself of no federal income tax and free healthcare from Uncle Obama.