rental asset land value

[DB3]

Hello, 

I would like to know if I need to do an amended tax return because I forgot to update the LV (land value) in the previous year. I bought a property in 2016 and the LV was 15k at the time, in 2017 I entered15k for LV on tax return, using TurboTax, and then in 2018 TT transferred the same info , but did not update the LV to 30k( this means I filed it with 15k instead of 30k) , now it is 35k for the year 2019.

do I have to file an amendment ? or does LV not matter because it is the building itself that is depreciable ? when I entered the new LV it does give me a lower depreciation expense though.  

[denise14107]

Hi,

You don't 'update' land value. It remains the same. Whatever you used originally does not change. And as you stated correctly, land is not depreciated.

so the good news, no amended return is necessary! : )

please consider a thumbs up!