TaxGuyBill: I have a similar situation where basis was not entered correctly and building was $50+K below what it should have been in TurboTax causing depreciation to be low. Besides correcting for 3 years prior, a preparer friend suggested another simple way would be to increase the land value to make up for this difference and continue to depreciate on the low building figure. His argument was this would also allow for an increased basis upon sale. Not sure that's the correct way, but is it really an option? Form 3115 does not appear to be an option nor does entering additional new building to catch up.
