DianeC958
Expert Alumni

Deductions & credits

If this is a rental home the amount of depreciation you could have taken needs to be figured to  reduce your basis in the rental home even if you did not take the depreciation.  The amount for AMT depreciation would be the same amount as the regular depreciation since the regular depreciation is figured with Straight Line Depreciation and not an accelerated depreciation amount.

 

If you did not take the depreciation in prior years on a rental property you can file form 3115 Application for Change in Accounting Method to receive the deduction for the depreciation in the current year.  TurboTax does not support this form so you would need to find a tax preparer that knows how to file this form with your return so you do not miss out on this deduction.

 

About Form 3115 Application for Change in Accounting Method

 

If you sold your personal residence you cannot take depreciation on a personal residence unless you have a home office that you have claimed on your tax return and the same things applies to depreciation for the home office like it does for the rental property.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"