Hello, I just received the reports from my Cost Seg study for a property that I originally purchased in 2022, started using as a short - term rental in late 2022, 2023 and 2024. Then I renovated the property and now have the cost segregation results on the renovated property including an additional separate building. The resulting house and new smaller house are the subject of the Cost Seg study. My study shows a Total Project Cost, A Project Cost Disposed and a New Basis after Disposition.
Since I had depreciated the property for 3 years prior to the renovation and cost segregation study, I understand I need to submit form 3115 to adjust the prior depreciation deductions.
How do I enter this data into TurboTax?
Do I EDIT the existing basis numbers for the original house?
Do I zero out the original basis numbers and then ADD assets in categories for 5-yr, 15-yr and 39-yr?
Am I trying to agree to the Total Building Cost? Or to the New Basis after Disposition?
Will TurboTax prompt me to complete an IRS Form 3115?
Does Form 3115 require that I mail it in hardcopy?
Thank you!
