Form 4562, "Basis for depreciation" of a rental property is showing 20% of the purchase price

[Rider2]

I had to choose mail filing and now that I'm checking the PDF file I got to print and mail to IRS, I see the amount of (c) Basis for depreciation for Residential rental property in Section B of Form 4562 is 20% of the purchase price. The house was converted from personal use to rental on 10/2023, so not sure if it has something to do with it, or I entered something wrong. Shouldn't that be based on the full purchase price?

[ThomasM125]

Yes, the entry on form 4562 should be the full purchase price if you were renting the whole house. It is possible the you indicated in TurboTax that you only rented out a portion of the house, so you need to go back through your rental property entries and edit the asset entry for the house.

[Rider2]

So I logged back in and turbotax considers my tax filed and now I have to file an amendment instead of changing what hasn't even been sent to IRS. Any way to fix it and get a new print out instead of going through amending?

[RobertB4444]

The system adjusted your basis for this year because of the 20% usage of the property for rental.  You should be fine.  Just make sure that for 2023, when you have the rental for the whole year, that the system is using the full amount for depreciable basis.  You don't need to adjust the return for 2022.

@Rider2