put the wrong service date in 4562 form

4 Replies

I put in the wrong service date off by 1 year for placed in service for one of my properties.  The depreciated value was off by 37 dollars. This was on the federal form and I can fix this on the state form , but woudl this cause more issues? Should I send in the california form incorrectly and then amend them both later? 

I would just match the federal return, and not worry about amending for a $37 error.  It is obviously a typo and honestly in the rare event of an audit the Irs agent would not even take the time to write it up and make the adjustments for $37 error.  Good Luck!

thank you!! This is the first task reply I've gotten on this site.. Everyone always says "go see a tax professional"... It's like, thanks man!! Why do we even have this forum?

Originally posted by @Brandon Hall :

@Reid Isaki people say go see a tax professional because questions generally require answers tailored to that person's situation to be anywhere near accurate.

As @Cameron Skinner said, a $37 variance is not material and not worth the amendment. Though I have to admit, being an accountant, this would drive me nuts.

 Perhaps, but the originally question I had as to why Federal/California state would be different in depreciation was a simple answer that after days of research I figured out.  Federal allows special allowances and california does not, so when depreciating property values will more than likely be different.  The only responses I got were "go see a tax specialist", which disappointed me.