I bought a larger house in January 2020 that was going to be our primary home, but due to the pandemic lockdowns closing my business, I turned the house into a furnished rental instead, in May, and kept my smaller home. When I filed my taxes, I reported the rental income on Schedule E and deducted the mortgage interest and property taxes as a rental, but somehow I was not asked to input the purchase price of the property, so now I've been filing taxes this whole time without depreciating it at all. I imagine I have to amend my taxes for the last few years, but WHERE do input the purchase price of the investment property to depreciate it?
Under "Property Assets," the only things TurboTax has been depreciating are the furnishings I bought, not the property itself.
