sjrcpa
Level 15

I am skeptical that this is really a rental property. Why wasn't it rented for 5 years? What efforts were made to rent it?

If it is a rental property, you have to use the larger of allowed or allowable depreciation. In the year of sale there is a change in accounting method procedure to "catch up" on the missed depreciation. Form 3115.


The more I know the more I don’t know.