@mo_56 wrote:
put it into service in 2017.
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.
The asset qualified for the Special Depreciation Allowance. That took 50% of the expense the first year, then the other 50% was spread out over 5 years. When you set it up in TurboTax, you must have not indicated it had qualified for the Special Depreciation Allowance, so it was using your 100% of the cost.
Form 3115 does not apply for using the incorrect Basis for depreciation. To correct things, you should amend the incorrect years.
