Question
How do I correct Cost Basis and depreciation?
I have owned a rental house since 2017. When I started my taxes using TT last week, for some reason, TT asked me questions and seemed to forget I had this rental house. So when it asked for the cost basis, I had to go back to the paperwork of the sale. There I discovered I had previously only entered half of the cost basis and therefore I had only been taking depreciation on half the cost basis. Should I use Form 3115 to increase the cost basis to the correct amount? How do I correct this?
