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Investors & landlords
Since this occurred over a period of more than 3 years back, you can't fix this by simply making an entry in the assets section. It requires you to include IRS Form 3115 with your return. Now even though the form 3115 is included in the TurboTax program (which I think was a horrible thing for Intuit to do), understand that the 3115 is *NOT* simple by any stretch of the imagination. As it stands now, in the process of fixing this you will be penalized for having done it wrong from the get-go. But you screw up the 3115 and more fines and penalties will follow.
*SEEK* *PROFESSIONAL* *HELP*. This is especially important if your state taxes personal income, as you may be assessed fines and penalties by the state also.
‎August 4, 2020
6:00 PM