I'm amending 2018 to add 4952 Invest interest not filed prev. My accountant missed 4952 from 2013-2019. Can I add missed amounts to 8949 as cost basis in yr of sale-2018?

[Anonymous_]

@Mike9241 

[KL369]

@Mike9241  - what does it mean?

[VolvoGirl]

It means he is paging another person Mike who might know.  

[Mike9241 · Accepted solution]

capitalizing interest on investment property only applies to unimproved and unproductive land (IRC 266) and in cases of construction period interest for long life assets (IRC 263A)

to elect IRC 266 a statement must be included with each year's timely filed return.

if significant $$$'s are involved you may want to confer with a malpractice attorney.

however, perhaps your accountant didn't take the deduction because they used the stndard deduction for that year which exceeds what your itemized deductions would have been.  

hopefully, you extended 2018 otherwise it's too late to amend since an amended unextended 2018 return was due by 4/15/2022

[KL369]

Thank you @Mike9241 . well it was precious metals investment, so collectibles. No negligence to pursue; he wouldn't know, nor did I, as broker did not send out 1099. Itemized. Extended. Well unless any other thoughts, I guess I can only revise for 2018 interest, foregoing nearly $150k of accumulated interest in what amounted to a very large capital loss as it was in 2018/2019.

Thanks again for your input.