@kcampion wrote:
When setup in TT in 2009, the house cost was listed at 60,166 and the land at 73,334. The total of 133,500 is correct (for my half) but seems the amounts were switched. That must be why the depreciation was never figured correctly.
Understood (and see the note at the bottom).
Now, however, you need to file Form 3115 and make a Section 481(a) adjustment so that you get the proper depreciation deduction (i.e., the amount that was foregone).
Also, you since the wrong basis was used at the outset, you can most likely ignore making any adjustment and simply use the original basis of the structure and the accumulated depreciation calculated thereon.
Note: Since using the incorrect basis could be considered a mathematical error, you probably do not want to amend (since it is way past the limitations period) nor file Form 3115 (since that would not be appropriate). Simply use the basis used originally to figure the accumulated depreciation (even though it was not the correct basis).
