Carl, I am not now just reporting the value, I did that the first year that I started to depriciate, however I used the Purchase price for the buildings and left the land part blank - So I paid $242K for the house and that is the number I used when originally filing for tax year 2011. This is wrong, and should be just the building portions (no land) so I will be taxed higher when I sell as I have deprecating against a higher value - 242,000 / 27.5 = $8,00 per year - When it is probably more like $180K building value which would be $6545 per year. I guess I will also have to repay any deductions that I received for the higher deprecation for Tax years 2011 - 2015. Any ideas on how I calculate what the amount I may owe back to the IRS for this original error?
Thanks,
Dean
