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Investors & landlords
You need to add the property as an asset on your current year tax return. TurboTax will calculate the correct previous and current year depreciation using the date you put the property into service that you will enter.
For the previous years missed depreciation, you could go back and amend only the last three years of tax returns to correct it. Or you can use a change in accounting method and enter a one time expense on this year's tax return. Here is a link that explains how to make the adjustment by using a change in accounting method:
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March 15, 2022
8:52 PM