How do I correct basis error when selling rental property? 2006-purchased SFR for $250,000 and put in $55,000 of improvements. 2015-put in service as rental and used county figure of $235,000 as basis and have been depreciating based on that number. 2019-sold property for $350,000. It appears that I should have used $305,000 as basis in 2015 when putting into service as a rental (or fair market value), but exactly how in TT do I account for a higher basis so I can reduce capital gains as compared to the $350,000 selling price?
