Depending on the amount paid for each new appliance, you can leave it as an expense in prior years. However, you should amend the prior returns by depreciating the property. Otherwise the IRS might decrease your basis by the depreciation amount for the 3 years, which would increase your gain on sale, when you decide to sell.
When entering rental activity, Turbo Tax always ask the the basis of the property and date it was put in service. There are 4 steps to follow.
- Rental info
- Income
- Expenses and Asset
- carryover losses and other less common items
You would enter the information in step 3.
