You should use the example and separate out the land sale price and the building sale price and do the same for the sales expenses. TurboTax will ask you for both.
Form 3115 Instruction: By including this with the current year tax return, you can complete everything on the 2021 tax return.
- Adopt a change in accounting method: This option allows you to go back as far as you need. Make the adjustment on your current year tax return to expense the missing depreciation.
- Why am I adopting a change in accounting method? Not claiming depreciation in two or more years indicates that you've chosen an accounting method without depreciation. In this case, you must now elect to change your accounting method to include depreciation.
- You must use the TurboTax CD/Download version to complete this form. TurboTax does not help you with this form. And your return must be mailed because this form is not supported through e-file.
This must be completed and filed with the return on time.
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