Hello, back in 2004, I did a 1031 exchange and kept the same basis as the original property. Basis was/is ~$100K and should be ~200K. I'm planning to sell the property in 2024. Should I change the basis to be correct on my 2023 return? It seems that I really messed up and did not get increased depreciation for the last 19 years. Is there a way to recapture that or fix it? For sure I need to change the basis to ~$200K since that will impact long-term capital gains. Thanks. Any help here would be greatly appreciated.
