Investors & landlords

It depends, for 2022.  

1. If you would have had a greater depreciation amount and the difference is significant enough to provide a lower tax liability for you then you can amend; OR
2. If the difference is minimal then you could keep track of the depreciation you did use in 2022, and make sure to account for that when you sell.  See the instructions to amend below.

2023: Yes, use the allocation for the two oil and gas properties and the additional basis calculation appropriately for the land value percentage associated with the convenience store against ITS OWN allocated basis.

This was a detailed Section 1031 exchange which can create the need for the clarification you have provided.

Read all the instructions before you begin so that TurboTax knows the original figures and the new figures.  

If you want to make changes or add a document to a tax return that has already been submitted, you should follow these guidelines. 

• You must first wait until the initial return is completely processed. 
• You will have to use the same TurboTax account that you used for the original tax return. 
• Once you begin your amendment, you'll see your original return.  
• The refund calculator will start new at $0 and only reflect the changes in the refund or tax due 
• Only make changes to the areas of your return that need amending. 
• You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment 

Select your product below and follow the instructions. Be sure to amend your state return as well.

Amend TurboTax Online 

Amend TurboTax CD/Download 

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