My total income for 2017 tax year was so low that I did not use all of my standard deduction to offset my income from my rental properties. I could only use a portion of the standard deduction to reduce my income to zero.
I have already filed my 2017 taxes, but I was wondering if I should go back and amend it to take less depreciation on my rental properties in order to increase my income and use all of my standard deduction. If I take less depreciation, my adjusted basis for the rental properties will increase and I will have less capital gains tax to pay when I sell the rentals in the future.
So my questions are:
1) Can I choose a smaller depreciation in 2017 for each of my rentals to maximize use of my standard deductions?
2) If so, how do I do this in TT Premier? It does not even prompt me to change this during the interview session.
3) Can I go back to use the max depreciation allowed in the future years as my tax situation changes again?
Thank you!
