Hi All-
I have a similar situation and appreciate support. I placed my residence into rental service in 2011, at the time the preparer recorded the value of the structure too low by 80k. Is it worth it to correct this year? I do notice with the higher value i get a larger depreciation ...just not sure if i need to fill a form out. From reading this thread i'm under the impression i can change it this year, but did not understand the consideration of adjusting the depreciation for prior years. Any help is appreciated.
