I use TurboTax Home & Business. We bought a cabin in 2020 that we converted from a primary home to a short-term rental when career plans changed. It's been rented out about 90% of the time and not used for personal use for over 4 years now. I just realized we have not been depreciating the cost of the house, only the improvements and furniture we bought for it, because the purchase price was not a question when I filed in 2020, maybe because we converted it that year. How can I start depreciating the value of the house on my taxes? Do I need to amend the last 4 or 5 years? I can't find anywhere in the program to input purchase price, only mortgage interest.
We also bought a triplex investment property this year with cash, no mortgage, so this problem is going to come up again when I file next year. Do I need to find a specific form since it doesn't appear to be part of the questionnaire process?
