Hello,
I converted my primary residence as rental property in 2017. I have used turbotax to file taxes but have not depreciated rental property. It looks like IRS would assume I have done the depreciation anyway. So have a few questions.
1. Can I take the depreciation starting from this year?
2. I should use the fair market value at the time the property was converted to rental (Zillow estimate?) as I had used it as primary residence earlier?
3. Can I include prior years depreciation in this years taxes?
4. Should I file an amendment for last years taxes to take the depreciation? If so, what is the process?
5. Turbotax is suggesting amount of depreciation taken in prior years? Should I use that amount or update it to 0?
Thanks
Sathish
