No, that is not correct. You likely need to change the percentage of use to 100% since it was fully rental in 2023. You should indicate it was rented all year at fair rental value and, if you altered the cost of the rental asset initially, enter 100% of the cost of the home in the asset section (if not already at 100%).
You have two options for 2023 and/or 2024.
- You could amend 2023 to change and correct the depreciation. Continue with the 2024 with the corrected changes above and file it even though the 2023 is not yet amended.
- How do I amend my federal tax return for a prior year?
- File Form 3115 to capture the missed depreciation in 2024 (some what more complicated).
- What should I do if I didn't take depreciation on my rental property?
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