Planning to offer accelerated depreciation via cost seg? Couldn't use TT this year because linear depreciation over 27.5 years for a rental property was the only option.

[nanosuna1977]

Do you know how to use 5 yr and 15 yr  depreciation assets in Turbo Tax for properties that were purchased before 202,1 so that the full amount spent on these assets can be taken as bonus appreciation for the 2021 tax year?

When I input these items in turbo tax, it automatically spreads the deduction over 5 years or 15 years respectively for properties bought before 2021.  For properties bought in 2021, it works just fine and   I can take the full amount as bonus appreciation for 2021.

[PatriciaV]

What you describe is cost segregation, which TurboTax does not support, as that method requires retroactive changes to assets previously reported on filed tax returns. This is a complicated procedure that should be done with the advice of an experienced tax professional.

Your previously filed tax returns will need to be amended or depending on how long ago the building was placed into service. You will likely need to file Form 3115 for a Section 481(a) adjustment (change of accounting method). TurboTax does not include this form. See IRS About Form 3115, Application for Change in Accounting Method.