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Deductions & credits
I have followed the instructions of AnnetteB6 to manually change information but still cannot change what I need to. We had a professional company do our taxes while we were working internationally. When we came home I bought a piano at the end of 2016 and put it into service in 2017. They did our taxes for 2017 and set up the depreciation schedule for my piano teaching business. As we were reviewing our 2020 taxes, done with Turbo Tax, he noticed that our depreciation was very high. Looking back to 2018 and 2019 we also did with TurboTax we have discovered that the professional company set it up with a basis reduction of half the amount of the unadjusted basis of the piano for 5 years and TurboTax leaves it at full unadjusted basis. We did not catch this previously as I assumed the software was doing what I needed it to do. I went through all your steps but I cannot see anywhere in TurboTax how to account for the basis reduction. Can you help me figure out how to do it? I need to amend the previous years before I finish 2020. Thank you.