DianeW777
Expert Alumni

Investors & landlords

When you enter the correct information for 2023, use the TurboTax calculated depreciation for prior years. You are making the correction to cost basis on your 2023 return and will amend 2022, which makes the right numbers from amended FY22 flow properly to your 2023 tax return.

 

The 2023 return will be correct as filed, and when the 2022 return is amended, there will be no difference in the amount on the 2023 tax return for prior depreciation. Once you have the corrected figures for the asset in the 2022 tax return, there is nothing more for you to do.  The math doesn't change, it's calculated on a a different and corrected cost basis.

 

@tanx 

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