You can add the $1,000 to the current year's cost basis and, as discussed previously, you can decide if an amendment is the best action for last year.
According to IRS Publication 946, retail properties that sell gasoline, such as gas station convenience stores, can be depreciated over a 15-year period under the Modified Accelerated Cost Recovery System (MACRS)
The steps to arrive at 15 year property for rentals are as follows:
- Sign into your return > Search > Type rentals > Click the Jump to... link
- Continue to Rental and Royalty Summary > Edit beside your property
- Select Assets/Depreciation to Update > Yes I want to go to my asset summary
- Add an Asset or Edit beside your Asset > Select Intangibles, Other Property > Select Other Asset Type > Continue to enter your information
- Continue > Select the appropriate information on Tell us more about this asset > Continue > Select 15 year > Select I used the half year convention (most common if the original purchase date is before the last quarter of the year).
- Depreciation method would be 150 % Declining Balance > Continue to follow the prompts/screens to complete your entry.
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