Asset value Depreciation started in 2021was incorrect, do I amend returns 2021-2025 or fill out form 3115?

[cyncasas]

So I need advice on whether to send amendments for years 2021-24 or file a form3115 to correct...

1. the value of an asset I started depreciating in 2021 that I way overvalued. Moreover, I must have forgotten or thought that turbotax remembered and would have continued to depreciated it subsequent years but it actually did not so the asset doesn't appear except for 2021.

2. There have been two more additional assets depreciated since then--- in 2022 and 2023, it's one asset but accounted for twice--- again because I thought the information rolled over from year to year and it hadn't so I believe same asset was inputted twice-- so double counted.

Amend? or File form 3115?

Thanks,

Cynthia

[DavidD66]

I would file Form 3115.  You can file it with your current year's tax return.  You should be aware though, that it's not the easiest of forms to complete.  On the other hand, You can only amend the current tax year with TurboTax without buying the desktop software for that year. For previous years you will have to buy and install the desktop software for each year you need to amend.  You will also have to print and mail the amended returns. 

[AmeliesUncle]

1)  That can only be corrected by amending.  Using an incorrect Basis is NOT a Method of Accounting that qualifies for Form 3115, so amending is the only way to correct that.

2) While I am not certain, I suspect that depreciating a non-existent asset (the duplicate) is most likely a Method of Accounting, so Form 3115 can be used.