In my situation, I did enter the Building value only (no land value) in the original cost basis for depreciation. So looks like this was correct on my part.
How is that correct? Do you not own any portion of the land the building is on? (and uncommon possibility if you own a unit in a high-rise condo building). The amount in the COST box is the amount you paid "in total" for the property. The amount in the COST OF LAND box is whatever portion of the amount in the COST box, that you allocated to the land.
SO are you saying that the amount you entered in the COST box was not the total price you paid for the entire property, but the cost you allocated to the building only? If so, this is fixable and easily fixed on your 2021 return without needing to amend anything, since land is not a depreciated asset. All I need is the value for the building that you entered in the COST box, along with the value of the land, and we can go from there. THose two values added together, should add up to the total price you paid for the property.
