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How do you change the tax basis of real estate? There was an error when this property was setup in Turbotax,
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How do you change the tax basis of real estate? There was an error when this property was setup in Turbotax,
You can go to all open years and make the changes in the Asset/Depreciation section for the rental to correct this by Amending those tax years.
There is a statute of limitations which is 3 years from the due date of a return. The 2013 return was due 4-15-2014 so you can amend that return until 4-15-2017. This statute is for a refund.
Amend the prior year returns, including 2010 -2012 - just won't get refund, if there is any.
IRS uses a provision called depreciation allowed or allowable, so this will cause you to report some recapture of depreciation as ordinary income that was never taken (when the property is sold for a gain), that is why I recommend the amended returns.
For amending a return see below:
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How do you change the tax basis of real estate? There was an error when this property was setup in Turbotax,
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How do you change the tax basis of real estate? There was an error when this property was setup in Turbotax,
You can go to all open years and make the changes in the Asset/Depreciation section for the rental to correct this by Amending those tax years.
There is a statute of limitations which is 3 years from the due date of a return. The 2013 return was due 4-15-2014 so you can amend that return until 4-15-2017. This statute is for a refund.
Amend the prior year returns, including 2010 -2012 - just won't get refund, if there is any.
IRS uses a provision called depreciation allowed or allowable, so this will cause you to report some recapture of depreciation as ordinary income that was never taken (when the property is sold for a gain), that is why I recommend the amended returns.
For amending a return see below: