Get your taxes done using TurboTax

you will probably need to hire a tax pro because the tax laws require you to recapture as income any depreciation you did not take but should have. This is done by filing form 3115 with the current return which catches up on the missed depreciation. The depreciation correction is for all years you rented the property so amending is not an option.  

 

most land improvements are depreciable, like drainage and irrigation systems, landscaping, parking lots, driveways, walkways, outdoor lighting, or fencing, etc.  Some of these may have a 7-year depreciable life, others 15.

 

some versions of Turbotax include the 3115, but considering the task ahead of you in refiguring the depreciation that should have been taken over the last 10 years may be a daunting task and the properly completing the form and your tax return

 

here's a link to the iRS page for the form and instructions in case you want to attempt this yourself.

 

 

 

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