Question

change depreciation

Forum|Forum|2 years ago
April 7, 2024
1 reply
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I bought a $400,000 rental property (condo) last year. The land value was entered as $20,000. The land value was entered too low in last year tax return. It seems the land value should be $80,000 or $120,000. Can I change the land value to $80,000 or $120,000 this year without any tax problems in current year and future years?

Thanks!

M

Mike9241

No. you took too much depreciation last year so that year needs to be amended. Also, you need a reliable source to determine what number to use.

R

rochelletaxAuthor

Thank you very much! My property tax statement don't have any information regarding the land value. I saw a post says the land value should be 400,000*0.2387=9,5480. Is that correct?