LLC purchased a rental property at the end of the year and didn't report it on tax return

[smlucio]

My sole member LLC closed a deal on a rental property on 12/20/23.  When filing my tax return, I stupidly forgot to include any of the expenses that occurred during settlement, such as the prorated taxes (about $1950), settlement charges (about $5400), etc.  I did not make any mortgage payments in 2023, therefore there was no mortgage interest to deduct.  The LLC received a very small amount of income during the transfer of ownership, less than $300.  

If I want to claim those deductions, I have to file an amended return for 2023, correct?  Just because they occurred at the very end of the year doesn't mean I can tack them onto 2024?  I'm pretty sure I know the answer to this but just trying to get an experts perspective. 

Also, can I claim depreciation on the property even though I only owned it for 10 days out of the year?

Lastly, would these kinds of deductions (totaling roughly $7350) make much of a dent in an already filed federal return with an AGI of $65,000 that it would justify the time and expense of amending my 2023 return?

[Mike9241]

I assume there were previous renters and you continued their lease when you bought the property. Yes you should amend 2023. those expenses that are deductible for 2023 are not deductible, under the tax laws, in 2024. as a landlord you should be aware that not all closing costs are deductible. Some must be add to the cost basis of the property.  some examples

1) any points - must be amortized over live of mortgage

2) fees to obtain mortgage - add to property basis

3) title and survey fees - add to property basis

4) HOA capital contribution - add to property basis

5) escrow deposits - not deductible at all - when real estate taxes and insurance are paid out of escrow that's when you get the deduction

does it pay to amend is not the issue your supposed to report income and deductions in the proper year

 we also don't know how the passive activity rules would affect your return.