Basically my CPA made a simple math mistake, for 9 years, by understating my depreciation on 2 townhouses I rented out, one already converted to self-use last year.
So I overpaid a large sum of taxes. Recently he found the issue.
1. The CPA said I won't be able to adjust/correct all previous years' cumulative over-paid taxes in 2024, due to a cap or limit. Instead, I will have to adjust the cumulative amount over many future years (by filing 3115 each year). Is this right?
2. Since I converted 1 of the 2 townhouses to self-use, I am no longer to able to do any adjustment/correction for that townhouse. That is, my over-paid taxes is forever lost. Is this right?
Confused person who really appreciate any help!
