Question
I sold my no-residental real estate 2024 at loss, and I noticed that at those years I have depreciation calculated wrong, How I can properly correct it now?
At 2005, I bought the property. In the Form 4562, the basis is the sale price only (not include any closing cost also not subtract the land cost). so the depreciation I calculated is a bit off.
At 2012, I started to use Turbotax and I noticed I have entered wrong building cost 70K more, but also entered 4000 land cost. That calculation get me wrong depreciation. 2012-2023 I did the same way to calculate depreciation.
at 2024 I sold the property. Now I have to properly fix this problem, how should I do ?
