Once you file a 4562 with a certain land allocation can you then file a 1040x to amend the land allocation if you think you allocated too much of the purchase price to land? I based my allocations on the Summit County, Utah tax assessment letters which had land as around 40% of the value of the condo units I own, however I hear from many people that condos should have at maximum 20% allocated. I may need to make some adjustments and i'm hoping someone has some experience with amending 4562s and could tell me whether or not its possible. I want my income to appear as low as possible so I can avail myself of no federal income tax and free healthcare from Uncle Obama.
You probably need to find a Real Estate attorney and/or CPA to answer those questions for you. Not sure you'll find a lot of tax or development advice here on the forums.
@David K. you absolutely can, but you have to be able to support your land or improvement ratio. You can't just say 20%. How will that hold up in an audit if there is nothing to support the number?
Luckily, there are things you can do to decrease land value, increase depreciation, and support your calculations. I wrote about the various methods here: http://www.biggerpockets.com/renewsblog/2015/04/19/calculate-improvement-ratio-increase-annual-depreciation/
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