Yes, you can amend your returns now to take the depreciation you didn't for 2020 and 2021. The returns must be amended no later than the following dates, so you can see you have time:
- 2020: April 15, 2024
- 2021: April 15, 2025
Yes, you can mail them at the same time, but in separate envelopes for a smoother process.
No, you do not need Form 3115 because you are not past the statute of limitations (dates above) so there is no need to do that. You may even get a little interest if there is any refund on the amendment.
Yes, you can file now. There is no need to delay the filing of your 2022 tax return.
- Be sure to enter the correct date placed in service for rental (2020).
- The cost basis must be adjusted for a land value if you own the land it sits on, also your are allowed to use the lower of the following cost basis since it was converted from personal to business use (usually 1. below):
- The actual cost plus capital improvement costs and purchase expenses, or
- The fair market value (FMV) on the date of conversion
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