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Investors & landlords
Form 3115 does NOT apply if you merely used the wrong Basis. That is a "mathematical or posting error" that can only be corrected by amending.
If the event you were accidently depreciating the land and not depreciating the building, that may qualify for Form 3115. *IF* that is the case, as was mentioned I recommend going to a good tax professional that is familiar with Form 3115.
March 24, 2023
4:43 PM