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Hi, this asset was placed in service in 2009. It is a rental property. From 2009 to 2017, I was doing everything correctly but in 2018, I transferred to using turbotax to do my taxes. Unfortunately, I entered in the WRONG basis in 2018, 2019, and 2020 thus triggering a WRONG depreciation expense for those three years (too much depreciation for each year). I discovered it just now. My confusion is whether I can
a) Amend those three years and then move forward
b) Do a form 3115 because I messed up for 2 or more years
c) Something I don't know
I will note that I sold this property (well, 1031 exchange) in 2021 so I am wanting to fix this. I now heard that since I sold it in 2021, I could correct everything for that tax year. It is so confusing ... just not sure what to do.
Thank you.