No, you do not need to file all papers and receipts when you amend your 2024 tax return. Be sure to include any forms that changed or are added and file them with your Form 1040-X and of course follow any state protocols. Sometimes the states want an exact copy of the federal when you file the state (original or amendment).
As for your 2025 return, you do not have to wait for the amended 2024, but you do need to know the cost basis of your assets so they are entered correctly. Be sure to include the rental activity and make sure all assets are included with the correct date placed in service and purchase date. This will calculate the correct depreciation for 2025, and there should be no need for an amendment.
The cost of the rental home and land must be separated. You can use the tax assessments from your local county to calculate the percentage of each. The home and the land are entered as one asset. If you have other assets such as appliances or something else separate from the house itself you should enter those separately if added to the home in 2025.
Please update with any additional details if you need further assistance and we will help.
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