1) Can I now amend it online given its 2024?
If you have not yet filed your 2023 tax return, you can just amend. Otherwise, you'll need to file form 3115. I would suggest you do the 3115 with your 2024 tax return.
2) When I try to amend it online, turbotax reports whole year depreciation, although I bought this property in Aug and started renting it from Aug. Do I need to manually report the prorated depreciation?
I see this situation quite often, because of incomplete guidance in the program resulting in incorrect selections by the user. You should select that you rented the property "the whole year". The program will still figure depreciation based on the in service date. If asked, you'll show days rented as the number of days from the in service date to the end of the year, and personal use days as ZERO.
3) When I file the amended return, will Turbotax automatically carry over the loss to 2023 report and I can then amend that return as well? Do I need to also file form 3115?
Yes, ***PROVIDED*** you have not started your 2023 return yet. You can only import from the prior year tax return at the very beginning of the tax return you are working on. Even then, check and make absolutely certain that you import from the *AMENDED* return, and not from the original return.
With the online version, save a PDF and the .tax2022 file of the 2022 return to your computer ***BEFORE*** you start the amending process. That originally filed return "WILL" be replaced by the amended return, and if you don't have a copy of the original .tax2022 file, there is no possible way to go back if you need to.
