RobertB4444
Expert Alumni

Investors & landlords

If the assets that you had in the cost segregation study are all being placed in service this year then you will simply go to the rental real estate section and enter each individual asset one after another until you have entered them all.

 

If the assets were entered in prior years and you are going into the system in order to segregate previously depreciating assets that requires retroactive changes to assets previously reported on filed tax returns. This is a complicated procedure that should be done with the advice of an experienced tax professional.  TurboTax does not support the procedure.

 

Your previously filed tax returns will need to be amended or depending on how long ago the building was placed into service. You will likely need to file Form 3115 for a Section 481(a) adjustment (change of accounting method). TurboTax does not include this form.

 

@MG-FL 

 

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