Rental property Depreciation Not Filled

Would recommend that you begin to claim annual depreciation on the rental property.

Within the rental property activity, you would select Add expense or asset .  At the screen Your Property Assets, you would Add an Asset to establish the asset and the annual depreciation expense for the asset.  That would take care of the current year.

The more difficult process will be reporting the 12 previous years of depreciation expense that has not been claimed.

IRS form 3115 Application for Change in Accounting Method will be required to request the change in accounting method.  You will file under the automatic change procedures to make an accounting method change for the requested year of change.

You hope to claim the 12 previous years of depreciation expense that has not been claimed in the current year.

For this process, you may want to engage a tax professional who has had experience in this process.

See TurboTax Help.

IRS form 3115 Instructions

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