Mini-split installed - too late to add as an asset?

[looopson]

I had a mini split HVAC installed in my rental condo unit back in May 2021. The total cost of the install was $6,989.

I am doing my 2022 taxes and discovered that I may have goofed when I claimed it as an expense rather than an asset on my prior year tax returns. 

I presume that it's too late for me to set this mini-split up as an asset that is depreciable over many years? Is it correct that once it's been claimed as an expense, you cannot add it as an additional asset?

I would assume that this being a depreciable asset would be more advantageous in the long run.

[MaryK4]

You are able to file an amended return for 2021 to change the expense to depreciation.  You can amend the return first so that you can include the correct depreciation in 2022.  

See Filing an Amended Return.

[looopson]

Thanks for the response!

I went ahead and amended my 2021 taxes.

Now is it best for me to wait a while before filing my 2022 taxes? Or can I go ahead and file those with the corrected asset allocation?

[PatriciaV]

Yes, once your 2021 amended return has been filed, you may start your current year tax return. Be sure you import/transfer the amended return into TurboTax and not the original. TurboTax usually handles this, but you should check your prior year numbers before you start entering information for 2022.