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I didn't claim depreciation on a rental property for 8

I didn't claim depreciation...

I didn't claim depreciation on a rental property for 8 years. I'm about to sell the property. How many years of the past annual depreciation can I claim?

Accountant's Assistant: The expert will know how to help. Please tell me more, so we can help you best.

I have a rental home I plan to sell. I have not claimed depreciation on it at all. It has been rented for 8 years. Can I claim that past depreciation?

Accountant's Assistant: Is there anything else the expert should be aware of?

I've calculated the annual depreciation rate at $7,250.

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Answered in 13 minutes by:
8/17/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,482
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi - You can do this, but you'll likely need to get some help.

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You'll need to use a form (IRS form 3115) that's used for several purposes, chiefly making a change in accounting method.

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This is a very complex form that requires the citing of tax law in several places. Turbotax, H&R block and the other self-prep packages can't handle it. But this can be done.

...

Make sure as you talk to tax pros that they have experience with the form.

...

Form 3115

Instructions for Form 3115 (HTML)

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Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

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Customer reply replied 6 months ago
That's very helpful. Is there a limit to the number of unclaimed years of depreciation that a Form 3115 could cover?I know I can only amend the last 3 years of my filings.

No. There is no limit. IT's using the 3115 that removes the three year constraint. You're not filing amended return here.

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See this: https://accountants-community.intuit.com/questions/901499-using-form-3115-to-catch-up-depreciation-not-taken-on-rental

...

This: http://eo2.commpartners.com/users/nsa/downloads/Form_3115_Line-by-Line_Presentation_PDF.pdf (note the two slides on page 3)

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,482
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Lane and 87 other Tax Specialists are ready to help you
Ask your own question now

Thanks much

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,482
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