Yes, you can follow the steps to amend your 2020-2022 returns. Keep in mind that 2020 must be amended by April 15, 2024. Correct the 2023 return now and file it correctly.
For 2019, and 2020 if you are unable to get the 2020 return amended on time. you can choose to use file Form 3115, either with your 2023 return or prepare it for your 2024 return whichever is easier.
- You can use the following form to correct the depreciation for your rental property, take any amount not previously expensed on a prior return, as an expense on the current year tax return as 'Other Expenses'.
Form 3115 Instruction: By including this with the current year tax return, you can complete everything on the 2023 (or 2024) tax return.
- Adopt a change in accounting method: This option allows you to go back as far as you need. Make the adjustment on your current year tax return to expense the missing depreciation.
- Why am I adopting a change in accounting method? Not claiming depreciation in two or more years indicates that you've chosen an accounting method without depreciation. In this case, you must now elect to change your accounting method to include depreciation.
- You must use the TurboTax CD/Download version to complete this form. TurboTax does not help you with this form. And your return must be mailed because this form is not supported through e-file.
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