My rental house asset has an incorrect "Cost of Land" value. How do I correct this ? It is causing my depreciation for 2016 to be way too low.

[gjharlan]

I have two rental houses. One has a cost basis of 117,562 and a cost of land of 105,279. This cost of land is too high and needs to be corrected. It is causing my depreciation to be too low. I realize I have been depreciating too low for years but how do I correct it going forward ? 

[MichaelL1 · Accepted solution]

I know you want to correct this now and just move forward, but if it was that far off, it is pretty major and I really recommend going back to all open years and filing an amended return, due to IRS using "allowed or allowable" when recapturing depreciation.  

The following is a answer to a question, I answered previously on this same subject. 

https://ttlc.intuit.com/replies/5987599