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Old 02-12-2017, 04:34 PM
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Join Date: Feb 2017
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Converted to rental, using wrong basis.

I converted my primary residence to a rental in 2010. I have been using $150k as basis (purchase price) for depreciation, but current research says I should have used $120k (fair market value at the time of conversion).

It looks like I cannot amend tax returns more than three years old.

Should I continue to use the $150k basis, or correct the last three years to use the $120k basis, or is there another option?

Thank you!

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