Failed to take rental depreciation in 2020 and 2021. Can I amend them now?

[Pdxpoints]

Started renting out our 1st home in 2020, when we moved out to a new home. Failed to take depreciation in 2020 and again 2021. Sold that rental in early 2022 (renters moved out in Feb and sale closed in March) -- made me realize that I had failed to take depreciation, when trying to do 2022 taxes. 

1. Can I amend the 2020, and 2021 taxes now?

2. If yes, can I mail both of them at the same time (in separate packages)? Or should I do something like mail 2020 first, and may be 2021 a week later?

3. Am getting mixed responses on whether I should file 3115 this year. Should I? 

4. As 3115 is complicated - I would be using TT only if I dont have to include it. In that case, should I go ahead and use the depreciation numbers from the amended returns? 

5. Can I still efile 2022 returns with the depreciation taken now? Or wait for amended returns to be processed by IRS (may be file an extension for this year - no tax due as far as i can tell). 

TIA

[DianeW777]

Yes, you can amend your returns now to take the depreciation you didn't for 2020 and 2021.  The returns must be amended no later than the following dates, so you can see you have time:

• 2020: April 15, 2024
• 2021: April 15, 2025

Yes, you can mail them at the same time, but in separate envelopes for a smoother process.  

No, you do not need Form 3115 because you are not past the statute of limitations (dates above) so there is no need to do that.  You may even get a little interest if there is any refund on the amendment.

Yes, you can file now. There is no need to delay the filing of your 2022 tax return. 

1.  Be sure to enter the correct date placed in service for rental (2020). 
2. The cost basis must be adjusted for a land value if you own the land it sits on, also your are allowed to use the lower of the following cost basis since it was converted from personal to business use (usually 1. below):
   1. The actual cost plus capital improvement costs and purchase expenses, or 
   2. The fair market value (FMV) on the date of conversion