Doing so will change the depreciation figure calculated by the program.
Actually, it's won't. I had this happen to me about 10 years or more ago. Say you have a cost of $100,000 and nothing in the Land value box. With that, 100,000 is depreciated over 27.5 years.
Year's later you realize you forgot to enter the value of the land, which is $20,000. So you enter $120,000 in the cost box, and $20,000 in the LAND box. The program will continue to depreciate on the $100,000 value originally entered.
Of course, this only works if the original value you entered was only the structure value. Otherwise, form 3115 will be required to fix this.
