Hi All,
Bought home in 2019 however put it as a rental only in 2021. My tax consultant didn't take any depreciation deduction for FY-21 and when I filed for FY-22 on my own, I took an incorrect cost basis (used 80% land instead of 60%, so took less depreciation deduction than intended).
My question would be what recourse is there to move forward and do it the right way. I am not an expert in Tax by any means so if it makes sense to not go into too much hassle and rather just eat up the previous year's loss and just correct in FY-23 return, I could do that. However if IRS strongly feels about these numbers being reported right then of course I would love to follow the suggested approach.
