Eight years ago, mistakenly added an asset to my rental property twice. How do I correct mistake?

[Charles414]

Hello.  Purchased a residential rental property in 2016.  For my 2016 taxes, I listed 19 depreciable assets of the property but mistakenly listed an asset twice.  Sold the property in 2024.  Now doing my taxes, I notice my mistake and realize I have been receiving depreciation on "both" assets for 8 years.  How do I correct a mistake this old?  Thanks!

[PatriciaV]

Yes, you can file a request with the IRS to change how the asset is classified (depreciated to non-depreciable). Form 3115 can be added to your return for the tax year when you report the change. Here are the Instructions for Form 3115. (This form is available only in TurboTax for Desktop.)

You'll need to remove the asset from the asset list before you work on the sale. When you enter the sale information, subtract the accumulated depreciation for the amount that was taken for that asset from the total depreciation on all assets.

This is a complex and tedious process that could complicate your return. Consider upgrading to TurboTax Live, an online service that provides step-by-step guidance from a tax expert whenever you need assistance, either over the phone or by screensharing.

[Charles414]

Thank you for taking the time to respond to my question.  Your answer is exactly what I was looking for.  Really appreciate your help!