bought an investment property in 2020, TT not depreciating purchase price, help!

[howverytaxing]

I bought a larger house in January 2020 that was going to be our primary home, but due to the pandemic lockdowns closing my business, I turned the house into a furnished rental instead, in May, and kept my smaller home. When I filed my taxes, I reported the rental income on Schedule E and deducted the mortgage interest and property taxes as a rental, but somehow I was not asked to input the purchase price of the property, so now I've been filing taxes this whole time without depreciating it at all. I imagine I have to amend my taxes for the last few years, but WHERE do input the purchase price of the investment property to depreciate it?

Under "Property Assets," the only things TurboTax has been depreciating are the furnishings I bought, not the property itself. 

[Mike9241]

you didn't take depreciation on the property. the IRS treats this as the adoption of an incorrect method of accounting, which may only be corrected by filing Form 3115, not amending prior years.  This allows you to catch up on all the depreciation you missed without having to amend your previous returns. It's considered an automatic change, so the IRS generally grants these requests without much scrutiny. The form lets you take what's called a "Section 481(a) adjustment" that essentially gives you all the depreciation deductions you missed in one lump sum on your next return. The best part is you don't have to file amended returns for each year, which saves a lot of hassle.