Yes, in order to get the correct amount of depreciation for the property, you will list this as two depreciable asset entries, each with it's own separate dates of service.
For the mistake in depreciation, I would amend my 2020 tax return to reflect the difference in the land and building cost basis to get a refund for the difference in depreciation. As far as adjusting the depreciation, if the correct basis was reported in your 2021 return, the accumulated depreciation amount should be correct in your return but check your depreciation reports to see if this is correct. Your 2020 depreciation report should be correct after you amend your return.
To amend your 2020 return.
- Sign in to TurboTax.
- Scroll down to under Your tax returns & documents,
- Select Amend (change) 2020 return,
- Then Start amending my 2020 return.
- Then, select the reason you’re amending and follow the onscreen instructions.
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