chavon1
Level 1
03-23-2020
09:26 AM
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I have a client who was doing their own taxes in 2017 when they converted their primary residence to a rental property. The basis for the property was figured incorrectly and is significantly lower than it should be. We would like to correct the basis and missed depreciation. Is Form 3115 the best way to correct the missed depreciation? Do I need to change the depreciation for 2019 on the existing 4562 or create a new line item for 2019 and forward. Would amending 2017 and 2018 be a better way to approach the issue? Thank you for your help.
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