Hello,
I had entered an incorrect purchase price for a rental home (converted from primary residence, 355k instead of 365k). Last year, I sold the price and now I see that having 355k as cost basis increases my tax. Turbo tax allows me to change the price I paid for the home, does IRS accept the cost basis to be changed now? What is the correct procedure to deal with this mistake? Any insights greatly appreciated.
Thanks,
