Hi, I just realized I didn't enter depreciation information in all previous years' filing. The rental property was purchased in 2016 and has been in rental use since then. It looks like I need to use form 3115? But when I followed the steps outlined by TurboTax help website, after step 4, the property address defaulted into the form is my primary home, not the rental property address. It didn't look like I can override/change that address info. Thoughts?
***Below is the steps I found from TT Help website ********
In TurboTax Desktop:
- Select View from the top toolbar
- Then select Forms
- Select Open Form and type 3115
- Select Form 3115, p1-3: Change in Accounting Method and select Open Form
- Complete these lines and boxes:
- Tax year of change: Enter current year
- Type of applicant: Choose what type of entity you are
- Type of accounting method change: Select Depreciation or amortization
- Part I: For question 1(a) DCN: Type in 7
- Answer questions 2 and 3
- Part II: Answer questions
- Part IV, question 25: Select No (to get to Part IV, you might have to select QuickZoom at the bottom of the form)
- Question 26: Enter the depreciation adjustment amount
- Question 27: Answer No
- Answer question 28
- Skip to Page 8, Schedule E Change in Depreciation or Amortization and complete the section (you might have to select QuickZoom at the bottom of the form again)
