All Forum Posts by: Sweta Jain

Hi, 

While filing my taxes for this year using turbo tax and filing my rental details, I noticed that in passive loss carryover section, turbo tax pulled numbers for "Regular Tax Carryover" and "AMT tax carryover" from my previous return. 

I realized that my  "AMT Tax carryover" is less than my "Regular Tax Carryover" because in 2022 I put "0" by mistake in "AMT tax carryover" while filing tax with turbo tax.  "Regular Tax Carryover" is correct and consistent.

So I went back and amended the 2022 return through turbo tax (fixed the AMT carryover number to match the regular tax carryover) but looking at the 8582 form and schedule E, I dont even see "AMT" carryover mentioned anywhere. 

Forms looks exactly same as my orginal return! (only difference is seen in worksheets which show regular and AMT tax columns but I guess thats not even submitted to IRS).

So my question is : do i need to even file this amendment?? Or just change the number in current year turbo tax for AMT carryover??

Thanks

Shikha

 Are you sure this cannot be done via 3115? I cannot even amend the old year returns as its more than 3 years! Other people of this thread advised to use 3115.

 Thanks Natalie. I will take the turbo tax LIVE service and hope they will be able to guide me through it.

 Thanks Michael.

Hi,

I purchased a rental in 2020 Nov and when it was tax time for 2020, i used a CPA service. He made a mistake in the way he depreciated the property. He swapped the land and building value while doing depreciation calculation and in effect, I have ended up depreciating using the higher land value. 

Land value is higher in my case than building value!

I carrierd forward the same mistake in 2021, 2022 and 2023 taxes i did using turbo tax!

Now I am trying to fix this mistake and I called the old CPA but he never returned my call. 

I asked HnR block and they said I need to amend all returns. 

I also called turbo tax and they said I just need to file form 3115 and no amends are needed.

Can someone please advise me on how to fix this? If i had taken correct depreciation (lower), it would not have made any difference to my income/tax for these past years. It only changes my passive loss carryover.

Can form 3115 be used to fix an incorrect (higher in my case) cost basis for depreciation? 

Thanks

Shikha

Thanks Wesley.

Thanks Dan and Nicholas!

Hi,

I am looking to buy a 3 bed single family house with decent schools in San Diego. Budget is about ~900K and looking at places which have good appreciation (and less risk of depreciation) in San diego. Currently I am looking at mira mesa area 92126 as I see ~900K houses there and schools also are rated 7-9. 

Can someone local to San Diego share insights on local SD areas which meet above criteria? Is Mira Mesa a desirable and safe area to live/rent? How is Poway? (it seems a bit too far to me but budget wise I might be able to find something there).

Thanks 

Thankyou!

Thankyou all for great suggestions!