Thanks for the input everyone! Assuming I can use the form 3115 to change from a depreciable asset to a non-depreciable asset (the land portion I shouldn't have been depreciating), how would I make the change in TurboTax on form 4562. It doesn't seem like any of the figures on this form are adjustable. If I deleted the asset and re-input the asset, how could I input all prior depreciation, etc. not to mention how the program would calculate the remaining 13.5 years correctly?
Also, some online info pointed to a 481(a) adjustment in addition to filling out form 3115, and I'm not sure if this is a form similar to the form 3115 or just a term for the adjustment which is made either positive or negative in terms of being favorable or non-favorable to the IRS.
I am weighing how complicated this is Vs. just leaving my current depreciation schedule as is, and then just accepting I will pay more in recapture tax at the higher tax rate when I sell the property.
