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I have a rental property that I have not claimed

I have a rental...

I have a rental property that I have not claimed depreciation for.

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

How far back can I go? Owned for 5 years

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Not sure what else is needed

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Answered in 2 minutes by:
3/15/2018
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified

Hey! I'm Carter, I'm a CPA and can help you out with this.

You can file Form 3115 and take a 481(a) adjustment equal to the five years of depreciation on your current tax return. That way you do not need to amend any returns. Even if you were to amend, you can only go back three years, so you'd still lose 2 years of the deduction.

Let me know if you need anything else. If not, please leave a rating. Thanks!

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Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
Experience: Adjunct Professor
Verified
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