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Accumulated (prior depreciation) on TT is incorrect - does it matter?
Hello,
I recently tracked our accumulated depreciation on a rental property on Excel and the one given by TT each year, is incorrect. Probably due to the questions being ambiguous/unclear about an asset reaching the end of it's life and then I don't list it as an asset in the following year. I am selling the rental property this Spring. An accountant will figure out the capital gains for me in 2023. Do I need to consider amending 2019-2021 for incorrect depreciation expenses (I actually claimed $300 ess than I could have due to TT errors)? The prior year depreciation amounts have been incorrect for 2019-2022, but the depreciation expense is only off by -$300.
March 12, 2023
12:45 PM