I have 2 rental properties that have been in service since 2011 and 2012 in a foreign country. Per the IRS guideline guidance is to change to 30 year deprecation method. I have TurboTax Premier and when updating the information on Schedule E through the wizard there is note that mentions "If you have foreign assets placed in prior year and did not use ADS/ALT method you will need to amend your 2022 return or file form 3115".
My question is why is the software not recognizing the change to the IRS publication and walking through the wizard to make the change and produce the form 3115 and especially if this publication was released in 2021 why did this change not take into effect in last years software. The reason individuals use the software is so that they get updates based on latest changes and provide guidance especially when the data is being imported from prior years.
Anyone know on how to go about it and especially anyone from TurboTax support able to answer on if there is fix that is pending release to address this issue ?
