Yes, you can file Form 3115 in TurboTax, but it's not going to guide you through it. I suggest you take a close look at it before you attempt it. I am pretty sure you can get away with just correcting the value in the Asset Entry Worksheet. I don't think the IRS will ever notice your change. Line 4 may not need to include the value of the land. I was looking at an asset entry worksheet for a rental property. If there isn't a line item for the land that is subtracted from the value on line 4 to determine the cost basis of the structure, don't include it. If that's the case and you do, you'll be right back where you started - depreciating based on total cost, including the land.
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