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Investors & landlords
Yes, you need to amend your prior returns to catch up on depreciation and receive the benefit of the additional expense. Further, if you do not claim allowable depreciation, the basis of the property must still be reduced by the full amount of the allowable depreciation, even though no tax benefit was realized.
See this TurboTax article for more info: How do I amend my federal tax return for a prior year?
If you need additional help completing the amended returns, come back to this forum and post your questions.
The following information is from IRS Pub 946 "How Do You Correct Depreciation Deductions?":
"If you deducted an incorrect amount of depreciation in any year, you may be able to make a correction by filing an amended return for that year. See Filing an Amended Return, next. If you are not allowed to make the correction on an amended return, you may be able to change your accounting method to claim the correct amount of depreciation. See Changing Your Accounting Method, later."
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