There are two ways you can correct your accumulated depreciation and the depreciation expense take in prior years. The first would be to file an amended return for each year the depreciation expense was incorrect. The other method is to file Form 3115, Application for Change in Accounting Method. This method will allow you to correct the depreciation on your current year's tax return. Either way, if you are not already I strongly recommend you use TurboTax Desktop. This will allow you to view and make changes on the Asset Worksheet in Forms view. You can file Form 3115 using TurboTax, but it's not the most simple of tax forms. You might want to consider getting the help of a local tax professional or use TurboTax Live to assist you.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
