Do I need to do the amendment

Forum|Forum|1 year ago
March 19, 2025
1 reply
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Hi,

I have reported my rental property in China for the past three years. For this year, Tubor Tax has a new option to ask me if the property is outside of the US or US possessions. I think it should be YES. When I chose this, Turbo Tax told me I need to do an amendment for my previous year tax return (I think I should do for 2022 and 2023) because the depreciation method is different. But I found the depreciation actually remains the same no matter if I chose YES or NO. The same happens for 2023.

I just wanna know if I need to file an amendment for my previous years tax return for this even the result is the same.

Mike9241

foreign residential property uses a 30-year life, commercial 40.

so if that's what you've been using then no amendment is needed.

mmjunsAuthor

Hi,

Thank you for the reply!

I checked the 1040 form and I found the depreciation expense or depletion filed for this property is 0.

I used Turbo tax to calculate the depreciation so I don't know what forumla it used. But no matter if I picked the property is outside of US or not, this field is always 0.

Do you think I should file the amendment or where I can find the forumla in the tax return form?

Thank you in advance!

mmjunsAuthor

BTW, I went through the tax return forms and I didn't find anywhere to select if the property is outside or inside of US (the address I listed is already proven it's outside of US). So that option is only used to calculate the deprecation right? If the result is always 0, does it mean I don't need to make the amendment?