Yes, you need to know the cost basis which is what you paid for the property. Fair market value (FMV) is not an option unless you converted the property from personal use to rental use at the time the property became available for rent 11 years ago. Once you have that number you can use the current tax assessment or the one from 2012 to prorate the land and building value (divide land value by the total value to arrive at the land percentage and same for building or simply subtract).
Based on your information, the answer assumes you are using the Form 3115 to capture the lost depreciation in 2023 (change your accounting method). TurboTax is calculating the depreciation correctly based on the assets you entered for the property and that means there is an accumulated amount for prior years. The amount for all depreciation before 2023 is entered as Other or Miscellaneous Expense with a description example of F3115 adjustment. This places the full expense on your Schedule E and the Form 3115 is filed with your tax return by mail, e-file is not an option.
Please update here if i can clarify or answer any other questions.
@MG26
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