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Investors & landlords
The general consensus is to amend the prior returns.
To continue in TurboTax, you would need to enter the rental basis and "Proper" prior depreciation.
- Income
- Rental Properties and Royalties
You would also need to enter the "Proper" amount of Carryover
On the "Do Any of These Situations Apply to This Property"
Select "I have passive activity real estate losses carried over from a prior year" and enter the corrected amount.
HERE is a discussion on Form 3115
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March 7, 2024
3:32 PM