Amending incorrect "Placed In Service" on Rental Property

[interti]

I discovered that I made an error in the "Placed In Service" date for a rental property in two most recent prior tax returns (the date used in both those cases was significantly earlier than what it should have been). I believe this means I have to amend those returns. Given that this resulted in a net increase in the calculated depreciation I need how does affect the passive losses carried over for the current tax year? Can I complete filing the return for this year before amending prior years? Should I adjust the passive losses carried over as they would be if the right placed in service date was in use?

[Carl]

What are you calling "significantly earlier"? If only 3 or less months, I wouldn't bother with it. I'd just suck it up and leave well enough alone. It also matters what tax year you placed the property in service, as to how you'd correct this. It's perfectly possible that amending would not be an acceptable method, depending on the specific circumstances.

[interti]

I'm afraid it's off by 10 years (I incorrectly used the purchase date of the property which was 10 years before the date that it was converted to a rental property).

[Carl]

Bottom line is, you need professional help on this. IRS Form 3115 will need to be filed to fix this. While the TTX program does include that form, practically no help is provided for it. The 3115 if not simple by any stretch. So please seek professional help with a local tax professional to get this fixed. Note that it's a double-whammy here if your state also taxes personal income. So professional help is the only logical way to go.

[interti]

Right - that's what I thought might be needed. Thanks for your reply.