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Investors & landlords
No, sorry. Using a wrong Basis for depreciation can only be corrected by amended returns, and you can only amend up to the 3 prior years. Sorry.
When entering the asset in TurboTax and it asks for "prior depreciation", you need to enter the amount that you could have taken (if you leave it blank, I think it automatically calculates that).
For any other readers, if the property was not depreciated at all, there is a way to correct that (Form 3115, and I would recommend going to a tax professional for that), but that can not be used if you were just depreciating the wrong amount.
‎June 7, 2019
4:10 PM