Forgot ECI Statement in 2020

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Joined: Sun Mar 13, 2022 11:31 pm

Forgot ECI Statement in 2020

Post by goblemark »


A couple of questions for you..

I filed my 1040NR for the first time last year for a rental property (with a NOL). I forgot to attach the statement for the ECI.... On Schedule OI I checked off the box that indicated this was "the first year you are making an election to treat income from real property located in the US as effectively connected with a US trade or business". However I did not attach a statement to actually make the election.

I imagine the IRS would then have issue with me entering my taxes on a Net Rental Basis - but I have not received any correspondence. What steps do I need to take to submit this election for 2020 now (or do I just do it this year...)?

Second question... On my Form 4562 (Depreciation) for 2020 I indicated the Basis for Depreciation to be the full house price, but I jointly own it with my girlfriend. I did half the Depreciation Deduction on my Schedule E (so my expense calculation was correct) - Do I need to file an amendment to half the depreciation price in Form 4562?

Thanks for any advice
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