No, you can amend 2023 and 2024, if you didn't make the necessary changes for a correct 2024 tax return. Amending is not a problem either way.
- A note for future use: if you find an error on a prior year return while completing the current year, you are allowed to make the adjustments to accurately reflect the correct figures in the current year, then go back to amend or finish your amendment for the prior year.
There is plenty of time to complete your amendments.
2023 Amendment: Must be completed and received by the IRS no later than April 15, 2027
2024 Amendment: Must be completed and received by the IRS no later than April 15, 2028
- Or two years after the final payment of tax due if it is later.
When you start off with property that is not 100% rental use, it will be a manual adjustment to make sure you are taking the full allowed depreciation and expenses.
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