Augment previous two years for property depreciation in TurboTax

[mbin]

I have a rental started in 2016. I never used property depreciation till this year 2024. How do I augment my tax returns 2022 and 2023 to claim for the previous two years deduction in TurboTax?

[AmeliesUncle]

You should not have started depreciation in 2024 without the proper procedures.  Don't do anything with 2022 or 2023.

You need to fix things by using Form 3115.  Go to a tax professional that is experienced with it.  If you did not file an extension for 2024, you may need to amend to REMOVE the depreciation, then file Form 3115 with your 2025 return.  If you did file an extension, Form 3115 can be filed with your 2024 (either the first filing or on a superseded return).

[mbin]

Hi, thank you for the reply. 

I hadn't have the concept of property depreciation deduction before 2024 tax. I did use the deduction in my 2024 return. Now I want to augment for 2022 and 2023 to get my deductions (I would for all the previous years if I was allowed). Do you mean I can get all the previous 8 years' reduction? But I have to do it by fixing 2024 and then reclaim in Form 3115 in 2025 tax?

[AmeliesUncle]

Yes, Form 3115 can 'catch up' on all of the prior year of missed depreciation.  My prior comment indicates the timing of it (if you did not file an extension, you need to amend 2024 to remove depreciation).

As I said before, go to a good tax professional.  As you are finding out, doing taxes yourself (with DIY software with TurboTax) has resulted in mistakes and may be costing you WAY more than any fees charged by a tax professional.