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Can I amend my 2022 return to add rental and depreciation?
I am a homeowner in Portland, OR, but moved to Washington State in 2022. I began getting the home ready to rent out in the fall of 2022. I bought tons of furniture (the intent was a furnished home) and put up ads. I'd like to take advantage of the last year where we can take a 100% deduction using cost segregation.
I already filed my 2022 taxes. Is there a way I can go back and amend the return to reflect this? I used TurboTax - bonus points if you know how to make this change there.
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#1 Tax, SDIRAs & Cost Segregation Contributor
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#1 Tax, SDIRAs & Cost Segregation Contributor
- Tax Accountant / Enrolled Agent
- Houston, TX
Yes, you can amend (redo) your 2022 taxes but only after you pass two hurdles.
1. Was your property ready for occupancy in 2022? You said that you placed ads, but was it actually ready?
2. Would cost segregation and bonus depreciation make a difference on your taxes for 2022? This is not an automatic yes, it needs to be confirmed.