@Topsy10 wrote:
Can I on the 2020 return just indicate the actual prior depreciation taken (at the 33/3% rate),
change Business Use to 100% which updates the Depreciable Basis, and start using the new updated rate of depreciation on the Depreciated Basis for the remainder of the 27.5 years?
No, you need to enter the amount of depreciation that you SHOULD have taken (if you leave it blank, the program will just assume you always did it correctly).
Yes, on the current return enter the correct information.
Be aware that if you do not amend, any tax savings will be permanently lost. And when you sell the property at a gain, you will pay tax on the gain due to the depreciation that you COULD have taken, even if you did not actually take it.
