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Level 2
posted Oct 8, 2023 5:39:39 PM

I need to change the values and information for a new depreciation schedule for Real Estate that I entered for 2021. How do I do this?

Can I just delete the schedule and enter a new one on an amended return?

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1 Best answer
Level 2
Oct 11, 2023 7:32:48 AM

Finally got through to support and a nice lady was very helpful. I could just open the actual depreciation document for the asset in question and either make the changes there or in my case being that the year in question was the year the entry was made just delete it and do a new one. That worked best for me as trying to make a change proved difficult due to all the changes needed to go from one type of write off to a different one. 

4 Replies
Level 15
Oct 9, 2023 6:28:57 AM

Why are you trying to change the schedule?

 

Did you make an error with respect to your basis for depreciation or asset class?

Level 2
Oct 9, 2023 7:32:24 AM

Two errors were made.

First one is the totals by class were incorrect.

Second is being a Real Estate Professional I am able to write off new assets in one year with the useful life 15 and 5 years normal depreciation period. Unfortunately I did not make that election for 2021 and need to amend my tax return. Not sure how do do that is why I made this post. 

Level 15
Oct 9, 2023 7:36:01 AM

The following link explains the actual process.

 

https://turbotax.intuit.com/tax-tips/amend-return/how-to-file-an-amended-return-with-the-irs/L6kO691J8

 

However, note that if you made an error on your 2021 return and also continued the same error on your 2022 return, you will most likely have to file a Form 3115 to correct the error with respect to depreciation.

 

See https://www.irs.gov/instructions/i3115#en_US_202212_publink63215hd0e163

 

If you need to file that form, you will probably want to seek guidance from a tax professional.

Level 2
Oct 11, 2023 7:32:48 AM

Finally got through to support and a nice lady was very helpful. I could just open the actual depreciation document for the asset in question and either make the changes there or in my case being that the year in question was the year the entry was made just delete it and do a new one. That worked best for me as trying to make a change proved difficult due to all the changes needed to go from one type of write off to a different one.