@Shemmy2 wrote:What do I need to do address my over deducted depreciation?
You should definitely consult with a tax professional prior to reporting this transaction on your 2019 income tax return. If you are told to file a Form 3115, find another tax professional because that is likely not the correct approach (you did not use an impermissible method of accounting, you simply misreported the correct amount of depreciation due to a basis error).
At this point, probably the only correct approach would be to amend the previous returns that contained incorrect depreciation deductions. However, a tax professional could have an entirely different opinion on the matter, including the approach you mentioned in your post.
