Form 3115

[MDFTAX]

Hello Community

My client sold his rental property in 2024. 

I have calculated his adjusted cost basis including the depreciation taken and not taken but allowed to determine the capital gain.

I will complete the form 3115 to change the accounting method so that he can deduct the missed depreciation expense. 

1- Any tips for getting the 3115 approved by IRS? Is it difficult?

2- Do I wait for the 3115 to get approved to deduct all the missed depreciation expense on the 2024 tax return? Where do I enter the missed depreciation expense, which schedule?

Many thanks!

[sjrcpa · Accepted solution]

Does the IRS have to approve?

Is this one of the automatically accepted changes?

[MDFTAX]

Thank  you so much!! I really appreciate your help!

I believe it is one of the automatically accepted changes- Ill keep researching.