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T
Taxlady01
Level 2
July 12, 2020
Question

Accountant entered wrong cost basis 2011-2018 Residential rental.2005-2010 correct depreciation taken. Do I enter correct cost basis now? How do I fix it?

  • July 12, 2020
  • 1 reply
  • 6 views
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1 reply

T
TaxGuyBill
Level 15
July 12, 2020

Yes, enter the correct Basis now.

In most cases the only method to 'fix' it is to amend the open years.

In the event that the prior tax preparer was depreciating the land as part of the Basis, you might have the option to file Form 3115 to 'pay back' that depreciation.

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