When I originally entered the purchase price in TT of my rental property that was purchased in 2014 I entered and incorrect amount which is $12,000 less than it should have been. I sold the property in 2022. How do I adjust the cost basis when entering the sale of the property in TT. I have computed the amount of additional depreciation that should have been taken each year but how do I enter. Is there anything else that I have to consider. I also have fully depreciated improvements/assets. How do I account for them in the sale? Do I add the original expense for them back into the cost basis or because they are fully depreciated do I ignore them?
Thanks for any help!
