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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I have 4 rental properties need to catch up on depreciation.

Customer Question

I have 4 rental properties need to catch up on depreciation. Should I file form 3115 with my 2015 tax return this year claiming all appropriate depreciation on one form 3115 stating them on Schedule E other expenses with title "Section 481 (a) Adjustment for each property from the year placed in service to 2015. Starting 2016 will all depreciation be get up-to-date? I used turbo tax for all my prior tax returns. I think I qualify to request automatic change with the short form as my assets are less than 10 mil. Do I need to file in duplicates? Please advise asap. Thanks.
Submitted: 7 months ago.
Category: Tax
Expert:  Lev replied 7 months ago.
If you are missing a few years of depreciation - I suggest to amend your past tax return and correct that mistake.
Expert:  Lev replied 7 months ago.
But if you are missing more than 3 years - it might be better to hold - and file form 3115 in the year when you will sell the property.But if you just want to do that now - that would be Ok...I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.