So, I decided to start a new thread. I posted this in my depreciation thread, but it may have gotten lost in the string.
Thanks again to all for helping me in my rental condo depreciation.
Now that I can depreciate, the software is asking me to enter "Prior Year Depreciation" and "Prior Year AMT Depreciation." It calculates the value to be $23,620.
However, because of my lack of knowledge and mistake, I actually depreciated $0 in my prior year taxes. If I enter "0" in the "Prior year" boxes, my depreciation is $5811. If I enter the software's recommendation of $23,620, then my depreciation is $4764.
I have every intention of amending the last 3-years of tax returns to "fix" the depreciation. I know that I will miss out on 2010-2011. But, should I just enter the software's recommendation of $23,620, $0 because I never depreciated, or the calculated amount from the last 3 years of depreciation because I plan on amending those returns?
Thanks again!