Taxlady01
Level 2
07-12-2020
03:31 PM
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TaxGuyBill
Level 15
07-12-2020
04:07 PM
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Yes, enter the correct Basis now.
In most cases the only method to 'fix' it is to amend the open years.
In the event that the prior tax preparer was depreciating the land as part of the Basis, you might have the option to file Form 3115 to 'pay back' that depreciation.