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russelllb
New Member

I purchased land in 2017 how do I change my answer on property purchases in 2017?

I answered the question wrong when I started my return this year.  The land is adjacent to my current rental property and included in the rental agreement and managed as one property.  The property taxes I pay on this rental property is combined total of now 3 land parcels.  One parcel has the house on it.

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1 Reply
Carl
Level 15

I purchased land in 2017 how do I change my answer on property purchases in 2017?

Assuming you are considering it and treating it as a physical part of the rental property, just add the land in the Assets/Depreciation section in Rental & Royalty Income (SCH E). It's classified as rental real estate with the "cost" and "cost of land" being exactly the same so that nothing is depreciated. (Since land isn't depreciable.)

You just work through the Assets/Depreciation section again, elect to edit that particular asset you entered incorrectly the first time so you can work it through and correct it.

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