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Incorrect "Business %" on Asset Depreciation - Any way to recoup missed deductions?
I converted my primary residence to a rental property in June of 2010. Turbotax calculated 52% as the "Business %" used for the asset depreciation that first year. Since the first year starting 2011 the property has been rented out 100% of the time. Unfortunately, I just realized that the initial 52% business percentage has carried over each and ever year since 2010 which has had a significant negative impact on my return.
Is there any way to recoup my lost deprecation above and beyond only amending the past three years returns?
Thank you.
‎April 29, 2021
2:43 PM