Yes it can be overridden. When you at the rental summary page, select the rental and then go to sale of property/depreciation.
- Navigate to your property asset page and select the rental again
- When you are at the page that says Tell us About Your Rental Asset in the cost section record the lower FMV amount. You may need to make a land adjustment here too if you reported a basis for land.
- in the next screen Tell us more about your rental Asset is where you will record that you sold it, the date it was sold, and the date you used it for business.
- Next screen is Confirm your Prior Depreciation. Here is where you can make the adjustment if it isn't already corrected.
- Next screen says Asset summary. The depreciation for this year should reflect the amount of depreciation based on the lower FMV value you entered in step 2.
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