Anonymous
Not applicable

Investors & landlords

I agree it's best to hire a CPA to make the amendments. I just consulted a CPA friend, who suggested me starting depreciation this year since the cost for amendment (hire CPA) is likely to exceed the depreciation (tax saving). Is it OK that I reported rental income in the past years, but hasn't started depreciation until this year? When TurboTax asks "is this the first time you rent out this place", may I just say "Yes" so it would calculate depreciation starting in January 2022?