It could cost you more in the long run if amendments to old returns need to be made.

Also, for 2024 when I go to file, at that point I could work with a CPA or tax prof and amend the prior return if it wasn’t done right, correct? 

I have seen to many people try to do taxes themselves and then we have to go back 3 years and amend the returns because the taxpayer either is exposing themselves to audit risk or missed out on a great deduction that would have resulted in a larger refund 

You could decide to sign a new lease with BOTH their names on it or perhaps an amendment to the original lease.

Very well said @Jay Hinrichs.I would have to amend my post, there are some very worthy RE programs out there.

Your lender did you a disservice in telling you to pay that huge amount in points when rates are so high.I do not think you could switch up the deduction in later years, you would have to amend all the prior returns. 

I live in Colorado and would like to purchase my first rental here, but it seems too risky with all of the upcoming restrictions and potential quadrupling of lodging taxes.Seems like commercial taxation of Colorado STRs might be amended pretty heavily.

You should have requested IRA Custodian to amend form 1099R as soon as you received it...

(The sponsor has since said he'll amend it to only apply to homes rented as a vacation rental 200 or more days a year.)A new competing bill would apply the commercial tax rate of 29% to Airbnb properties -- like the first bill -- but only if the home is the third or more property of a single owner. 

File amended returns going back the 9 years since it was converted to a rental?