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Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1441
Experience:  Adjunct Professor
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I have accumulated a professional library since 2010. I have

Customer Question

Hi. My name is***** have accumulated a professional library since 2010. I have not written off the cost of the library as I was told I cannot do that since it has a life greater than 1 year. Now I have been told that I can depreciate the cost using 7 year depreciation calculator. Can I do this and include any of the previous year's depreciation on this year's return? Thanks
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: No, that is basically it. Thanks
Submitted: 5 months ago.
Category: Tax
Expert:  Carter McBride replied 5 months ago.

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

You can do that by filing Form 3115 for a change in accounting method, using change 7.

This page has a great example of how to fill out the 3115 for this situation:

https://www.natptax.com/TaxKnowledgeCenter/FederalTaxInformation/whitepapers/summaries/Documents/Form%203115%20Missed%20Depreciation.pdf

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