How do is change the original asset allocation values between land and real property value, which were incorrect when filed years ago? What turbotax form and line?

original basis is what I want to adjust to make more accurate. Also, for this year, I would like to amend the basis to include appraisal and legal fees in connection with financing change. Where on the Asset Entry form can you add and subtract?

356

Expert Alumni

Mar 28, 2020 7:19:25 AM

There is no way to change the values at this point. You can't just change ships midstream.

If you started with incorrect values, you have two choices. You can live with it or you can see if you can use Form 3115. You will need to seek professional advice regarding this form. It can be used in the following circumstances.

SECTION 6. DEPRECIATION OR AMORTIZATION (§ 56(a)(1), 56(g)(4)(A), 167, 168, 197, 280F(a), 1400I, 1400L, or 1400N(d), OR FORMER § 168)646

.01 Impermissible to permissible method of accounting for depreciation or amortization646

.02 Permissible to permissible method of accounting for depreciation650

.03 Sale, lease, or financing transactions652

.04 Change in general asset account treatment due to a change in the use of MACRS property653

.05 Change in method of accounting for depreciation due to a change in the use of MACRS property

Level 2

Mar 29, 2020 5:07:13 AM

Edit: Please ignore this question. "On the sub-question of how to increase or decrease the basis for a current year, such as expenditures for legal fees and appraisal reports, or adding a building, for that matter it looks like you can revise . . .( Looks like Form 4562 solves this).

Why sign in to the Community?

How do is change the original asset allocation values between land and real property value, which were incorrect when filed years ago? What turbotax form and line?