Yes, you're required to depreciate any depreciable property. If you don't, and you sell the property later, you'll have to calculate you gain or loss as if you had taken the depreciation. This could increase your gain or decrease a loss.
Correct, your depreciable basis would be the lower of your basis or fair market value.
Because you didn't claim depreciation for two or more years in a row, you'll need to file Form 3115 to make the correction and deduct the missing depreciation all on the 2024 return. This will have to be completed manually within the TurboTax Desktop program.
