ErnieS0
Expert Alumni

Get your taxes done using TurboTax

Yes. Enter the actual amount of depreciation claimed in prior years. TurboTax will compute the correct deprecation going forward.

 

You can also amend your 2019, 2020, and 2021 returns to claim the correct deprecation based on the cost basis on your 2018 return, though that would be a more complicated process.

 

 See How to Correct Federal Tax Returns and How do I amend my federal tax return for this year?

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