I need help on how to enter data in TurboTax Premier – Desktop to correct the errors described below. I discovered the errors in 2024 because in 2024 we sold one of the rental houses that we acquired in 2005.
2005: We did a 1031 exchange and sold one rental home and replaced it with two rental homes. I made the following errors:
- I did not properly fill out form 8828 and under-reported a small boot. How do I correct this in 2024?
- I underreported the exchanged basis from the relinquished property and also did not enter a new asset for the excess basis, which has resulted in under-depreciation for around $31K for the last 18.5 years. Please note that we sold this property in 2024 via a 1031 exchange and we acquired two rental homes.
- How do I correct the under-depreciation for the last 18.5 years?
- How do I correct the exchange basis from 2005 into the two new properties we acquired in 2024 so that I don't keep on under-depreciating the assets for the remaining useful lives.
- How do I correct the excess new asset from 2005 that I never entered in TT to take the proper depreciation for the last 18.5 years, and to carry the cost basis to the properties bought in 2024 thru the 1031X?
2005: The second property that we also bough with the same exchange was also under-reported in cost basis, and I have under depreciated this second property for about $28K. Please note that we owned and rented this second property in 2024 but sold it in 2025. How do I correct the under-depreciation for this property for the last 18.5 years, and the cost basis carried in TT?
I will highly appreciate help. Thanks.
