Last year, my wife and I turned our residence into a rental property. I didn't then know about depreciation and so I didn't claim that year.. Is it possible to this year?

[surgerygalore]

hello

it is possible this year but why not amend your previous year return?

TTax allows to do it very easily

[JohnB5677]

Yes, you can claim it this year, but I do agree with surgerygalore that you should amend last years return.  

There is a thing called Depreciation Recapture.  Basically,  If you sell the property in the future  for a profit the IRS will add any depreciation back into your income weather you took it or not.

So, if you don't amend last years return, and you sell the property for a profit.  You will pay tax on money that you didn't get a deduction for.