How can I do rental depreciation with TurboTax Premier two years after I bought a property?

[RKC2200]

I want to start rental depreciation this year with TurboTax Premier. I bought the property 2 years ago. 

Could you advise me on how I can do it in TurboTax 2021 Premier?

[ColeenD3]

You will need to amend your 2019 and 2020 returns to include the depreciation if you were renting it since you bought it.

If you just started renting in 2021, there will be an entry that you can make to indicate when you bought it vs when you began renting it.

[Carl]

When you purchased the property does not matter. You could have purchased it 20 years ago. Depreciation does not start until you place the property "in service" as residential rental real estate.

So was 2021 the first year you actually rented the property out? If so, then amending prior year returns is not necessary, since you can not depreciate property that was not in service.

If you did rent the property in 2019-2020 and used TurboTax for those tax years to report the rental income/expenses, then chances are you may have taken the required depreciation and just don't realize it. The TTX program tends to set that stuff up for you in the background and doesn't bother you with the details "if the program works correctly" and the user enters all the data correctly.

[AmeliesUncle]

If it was rented since 2019, you can NOT amend to correct the depreciation.  You need to file Form 3115, and you should go to a tax professional.