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Investors & landlords
Thank you. Unfortunately, the wrong depreciation started on the return prepared by a professional. The land value was not accounted for and the depreciation was depreciated as a residential real estate, not commercial. I looked at Pub 946, Instructions for 3115 and read the entire 3115. Seems like it would be a common mistake that IRS would have an easier fix (at least for small adjustments). Thank you again for your input.
‎April 8, 2021
10:08 AM