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Just when I had a side issue about Form 3115, someone took that GMC DeLorean and cranked it to 88 mph to bring this thread back to the present. Hello, Lisa.
I didn't even looked at the original post date(s) and gave @TaxGuyBill kudos when I read his comment:
Using an incorrect Basis is not a changing in accounting method (it is a "mathematical or posting error"), so Form 3115 can't be used (some people say it can be used in the year of the sale, but I'm still not convinced of that).
I totally agree with the comment. Thus the kudos.
My burning question is, does statute of limitations work here, thus invalidating my kudos?
RE: I did not "change the depreciation schedule" but I read that the IRS treats it as a change if you made a depreciation error two years in a row.
The only comment I could make about the statement : I don't doubt you read that.
Have a fantastic Sunday!!
I come here for kudos and IRonMaN's jokes.