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Updated almost 9 years ago on . Most recent reply

Andy Grimes's profile image
Andy Grimes's profile image
Andy Grimes
  • from Bondurant, Iowa
  • Member since Mar 6, 2016
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Andy Grimes's profile image
Andy Grimes's profile image
Andy Grimes
  • from Bondurant, Iowa
  • Member since Mar 6, 2016
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Andy Grimes
  • Bondurant, IA
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Tax, SDIRAs & Cost Segregation

Correct cost basis for depreciation

Andy Grimes
  • Bondurant, IA
Posted

I bought a SFR in 2014. I depreciated it, but in doing my taxes this year with different software, I realized I made a mistake. I didn't subtract the land value out of my purchase price for my basis. I also started depreciation the first month it was rented, not when it was available. Can I correct both of these with a 1040X and new Schedule E and Form 4562?

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