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Forgot to depreciate rental property on 2019, sold property in 2020. Can I fix this on the 2020 return?

So I've had a rental property since 2013 in which I've done my own taxes through Turbo Tax. For whatever reason I forgot to depreciate on last years 2019 return. I sold the property in 2020 and now I'm wondering how I can fix this on my 2020 return through turbo tax?

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ThomasM125
Expert Alumni

Forgot to depreciate rental property on 2019, sold property in 2020. Can I fix this on the 2020 return?

You can amend the 2019 tax return or file form 3115 in 2020 to reclaim the depreciation. Here is an article that discusses your options:

 

https://ttlc.intuit.com/community/amend-tax-return/help/what-should-i-do-if-i-didn-t-take-depreciati...

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