tpm
Level 1
09-10-2020
01:41 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client has income from 481(a) depreciation adjustment on Form 3115 for $340,000 and will report $85,000 per year for four years. This is due to a Schedule E basis eDoes this get reported on Line 24 of the Other Income Statement?
Labels
sjrcpa
Level 15
09-10-2020
01:54 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I'd put it on the Sch E.
The more I know the more I don’t know.
TaxGuyBill
Level 15
09-10-2020
06:23 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@tpm wrote:This is due to a Schedule E basis e
Out of curiosity, how was it being depreciated before? Having $340,000 as income to correct depreciation is unusual.
