This applies to current year tax deductions, and you can also employ a “look back” cost seg study where you can retroactively reclaim any missed deductions from previous tax years.By filing a form 3115 and calculating the proper 481(a) adjustment, you can recapture and correct any erroneous depreciation in prior years and claim the difference in the current tax year as a lump sum.

I was curious if my belief was somehow erroneous.  

I see properties intentionally (or erroneously) underpriced and receive a lot of offers.

In fact, the fence was actually erroneously erected twenty-five feet inward from the boundary line onto your neighbor’s property, which means that a twenty-five foot strip of land which you had thought was yours is actually part of your neighbor’s lot.

.- Over a month after suspension, you decided you needed the information on the account, so initiated your first communication with REIPro support in over 4 months, requesting access to the account and making erroneous claims about being unable to contact us previously because our contact information was not readily accessible via website. - When told that in order to have access to the account, it must first be reactivated by paying the subscription fee, you sent a screen shot of an unpublished disparaging comment about REIPro, threatening to post on Bigger Pockets if you weren’t granted access. - When you were still not granted free access to your suspended account, you posted the comment, including a small portion of the chat for reference.

That addresses two erroneous assumptions that we hear all the time: (1) "I'm earning money from activity XYZ, but I don't have an LLC, yet.

Does anyone else err on the side of caution if an area seems to have all the eyes on it?

There is a big differenceEveryone seems to erroneously use the word "information". in·for·ma·tion/ˌinfərˈmāSH(ə)n/nounFacts provided or learned about something or someone.You are certainly not providing facts!

My guess is they limit this to SFR's under $500k and they err on the side of understating by at least 5%-10% to limit exposure.

Unless the seller you purchased from kept meticulous records, I agree that you should err on the side of caution, because if this does go to court your damages can far exceed the amount of the deposit.