Depreciating Rental property?

[jim29]

In 2002 I began depreciating my rental property using 25% value for the land. However my town property records indicate that the land percentage is higher, meaning I may have overvalued the building, resulting in too much depreciation. Is there a hard and fast rule regarding valuing the land? Do I need to correct this?

[Critter]

Do not make any changes now. This is something that can be handeled later when you sell. 

[TaxGuyBill]

I would enter the correct Basis now, so the current and future tax returns are correct.  However, just be sure to enter the correct "prior depreciation".

As for the past mistakes, as Critter said, that will probably be fixed when you sell.