I bought a house at 150K and rented it out in 2011. I used TurboTax and mistakenly entered 45K as the cost basis for depreciation (perhaps I entered the "land" amount or something like that). I have not noticed this mistake until now, March 2023. Note that I've used TurboTax all these years.
I have the closing statement in 2011 and the title as evidence of the actual house cost.
I know I have to use Form 3115 to make the change but I was completely overwhelmed with it.
I deeply appreciate it if the experts would please help guide me as how to fill out the critical parts of the form to change the cost basis from 45K to 150K.
And if you would, please tell me the possible consequences of my mistake.
Thanks so much in advance for your help.
