Thanks for the information. However, that doesn't fix all the problems I have. The asset has the wrong "improvements" value which affects everything else (Capital Gains), including the state returns where the house was located. The asset must have its original basis corrected. I understand I need to recapture all the depreciation I should've taken (delta is $20K). However, this is a math error, not a change in accounting method. The house was always depreciated since it was put into service. I messed up transcribing values from my tax return in 2012 to TT2013 resulting in this problem. Thus I'm not sure Form 3115 is actually needed. Can you point to where it specifically says it is required in this context?
It seems that I need to fix the asset with the correct values as a first step. If I want to capture the depreciation I could've applied to 2021, 2022, and 2023 I'd need to file amended returns. There'd be no more tax owed as that property operated at a loss, so only the carry-forward loss would increase. If I forego that loss and simply fix it in in 2024 (by fixing the asset values, letting TT compute the depreciation), then it all will resolve correctly.
I now understand why a CAM (Change in Accounting Method) Form 3115 is required since timing and amount of the depreciation was changed back in 2013, but in fixing it to be correct I am essentially changing it again. As part of that change I understand that the depreciation that was not captured becomes an expense while the equivalent amount is also treated as income. As part of that correction how do I fix the asset being depreciated so its correct basis is used when I "sell" it within TT? Can I simply mark up the asset definition (the transfer from 2023 confirmation screen) to correct it? I presume I should not change the depreciation taken so far as then I'd be double counting it as the Form 3115 is handling that change?
I appreciate your guidance but more information would help me get this correctly fixed.
Regards
