This is the first time I will be using Turbo tax to file my tax returns. Till 2023 my accountant has been filing the taxes and when entering data into turbo tax for 2024 I discovered that for one rental property that was purchased and placed into service in 2020, they used the Total Purchase price to claim depreciation against and I have been told that the depreciation should only be claimed against the building portion of the property since land cannot be depreciated. For the other rental property that was placed in service in 2021, they used a flat 80% of the purchase price which also doesn’t accurately reflect only the building portion of the property. How do I fix this? Do I need to file Form 3115 to explain the corrections and then use the correct values 2024 onwards without amending the prior years’ returns?
