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Investors & landlords
Yes, you can just change it to the correct amount.
However, with the higher Basis, when it asks for "prior depreciation" you need to be sure you enter the amount that you SHOULD have claimed (based on $365,000).
When you converted it from personal use to a rental, you should have entered the LOWER of (1) your Adjusted Cost Basis at that time or (2) the Fair Market Value on the date it was converted to a rental. Which of those two was lower, and is that the amount that you used?
March 22, 2020
7:03 PM