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Level 1
posted May 10, 2021 6:05:02 PM

Forgot to depreciate rental property on 2019, sold property in 2020. Can I fix this on the 2020 return?

So I've had a rental property since 2013 in which I've done my own taxes through Turbo Tax. For whatever reason I forgot to depreciate on last years 2019 return. I sold the property in 2020 and now I'm wondering how I can fix this on my 2020 return through turbo tax?

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1 Replies
Expert Alumni
May 11, 2021 1:22:28 PM

You can amend the 2019 tax return or file form 3115 in 2020 to reclaim the depreciation. Here is an article that discusses your options:

 

https://ttlc.intuit.com/community/amend-tax-return/help/what-should-i-do-if-i-didn-t-take-depreciation-on-my-rental-property/00/2211661