How can I correct the basis that was entered wrong 13 years ago. I have not sold the property. I still own it.
Title: Incorrect basis of rental property for 13 years. I have not sold it.
While gathering the information to begin my TurboTax taxes I discovered that the basis for Depreciation has been wrong for 13 years.
On 2/4/2008 I purchase a residential rental for $110,873. The appraisal district listed the land at $10,561, therefore the basis for depreciation should have been, $100,312. The correct depreciation should have been $3,648/year.
I looked at all my taxes from 2009 through 2020 and discovered different depreciation basis
Years 2017 thru 2020: $73,322; year 2016: $83,873; year 2015: 98,600; year 2014: $94,434.
From year 2009 thru 2013 there are no form 4562 worksheet available to look at the basis; however the depreciation is 3417. None of these depreciation basis makes any sense.
QUESTION: How can I correct the basis that was entered wrong 13 years ago. I have not sold the property. I still own it for retirement income.
