onestop73
Level 3
12-07-2019
07:09 AM
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I am back, I filed the extension for the client whom I will be assisting. I understand to capture the missed depreciation on the rental I will use Form 3115 and do the adjustment " sec 481 (a) adjustment" under other expenses. Just have a few questions on the process.
- Am I able to deduct this years normal depreciation form 4562 (for this years depreciation and going forward )& file form 3115 (to capture the missed depreciation) together? I looked and looked for this response but not very clear on the responses as it is not very straight forward.
- Also, for completing the form 3115 part I a (DCN) I believe it is (7), are we suppose to just mark X in this section?
- Is there a sample of a completed F3115 for depreciation recapture we can view?
My understanding also once the form is completed, hope I can efile F3115, it as part of the return as I never done so, I then have the tax clients sign the printed form and mail the form to IRS National Office IRS Ogden, UT 84201 M/S 6111.
Asking to make sure I am crossing my I's & T's.
Greatly appreciate any feedback.
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