How to manually adjust Form 4562 on a previously rented property?

[pacman2]

I have just converted my primary residence to a rental property in 2024.  The same property was previously rented out for 3 years between 2012-2015.   How do I tell Turbotax my adjusted cost basis with prior depreciations and the remaining life of the property?  I tried going to the Assets Worksheet Row 10 for prior depreciation.  Is that where I should do it?  Even if I do that, I still can't find where to adjust the depreciation period from 27.5 to 24.5 years.  Please help.  Thank you.

[DianeW777]

The depreciation period of 27.5 years will not be adjusted, because it's very difficult to allow for adjustments when property is rental, then personal use, then back to a rental. You must keep track of all depreciation used on the property. 

If you use a 2024 for date placed in service you will receive the correct depreciation this year based on the month. Then next year you will be able to enter the correct prior year depreciation accumulated when you come to the screen with the accumulated depreciation, in an editable field, for all prior years you can enter the correct figure.  For the current year, when you enter 2024 as date placed in service it will not give you this screen because TurboTax does not know you have prior years. No editing is necessary for 2024. 

The chart in IRS Publication 946 (printed below for your convenience) and your 2015 tax return will provide the total of all accumulated depreciation used before 2024.

[AmeliesUncle]

You restart the 27.5 years, using the current Adjusted Basis (if the Fair Market Value is lower, use the FMV).

Other than for calculating your Adjusted Basis, you don't enter anything about the prior depreciation into the program for depreciation, either this year or any future year.

At whatever point you sell the property, you will need to add up the depreciation from the first rental period and the second rental period for purposes of reporting the sale.  You will also need to manually report the sale, or go to a tax professional.