In order to make adjustments to your prior years' depreciation, you have two options:
- File amended returns. Of course this is cumbersome, as you have to file a Form 1040X for each year. Moreover, to claim a refund, you must file Form 1040-X within 3 years after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later.
- File a Form 3115 - Application for Change in Accounting Method. This will allow you to calculate the correct amount of depreciation for all prior year's, and make a single adjustment on your 2019 tax return. Form 3115 is available in TurboTax Desktop, but not Online. You might want to consult a local tax professional about filing form 3115.
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