My only thing now is that I entered the 2019 depreciation wrong, MACRS 27.5 instead of the 20 years I was suppose to
Ummmmm... residental rental real estate is depreciated over 27.5 years. So your 2019 entry is correct. Or are you talking about the refi fees and the loan was a 20 year mortgage?
Can I go ahead and recharacterize that to the right one by disposing and then re-entering?
Unfortunately, no. That would just be wrong on so many fronts. It would be like hanging out a sign reading HEY! IRS! AUDIT ME NOW! PLEASE! HURRY! FAST! 🙂 But again, if this was for the actual rental property, then 27.5 years is correct if the property is "residential" rental property, and is located in the U.S.
