One additional note: you will not be able to deduct depreciation from prior years on the current year's tax return. You would have to file amended tax returns. (You generally must file an amended return within three years of the date you filed the original return, or within two years of the date you paid the tax, whichever is later) and could file Form 3115, Application for Change in Accounting Method for any deprecation not taken for tax years that you can no longer amend.
<a rel="nofollow" target="_blank" href="
https://www.irs.gov/uac/About-Form-3115">https://www.irs.gov/uac/About-Form-3115</a>
You would not be able to file 3115 for a math error related to your basis calculation.
On form 3115, which is attached to your current years filing you will need to calculated your depreciation as it should have been take and what was actually take and report the difference as an 3115 adjustment under your rental property.
A copy of form 3115 will need to be mailed separately to the IRS to the address in the 3115 instructions.
