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Level 3
December 7, 2019
Solved

Taxpayer didn't claim depreciation on rental property for many years then started to depreciate. Options to take care of unclaimed depreciation?

  • December 7, 2019
  • 3 replies
  • 45 views

I've seen posts that seem to say that he can't  481(a) with 3115 because he has started to claim the depreciation even though he didn't claim it for some years before.  Can he still 481(a)?  If not is there anything he can do before or when he sells to take care of the unclaimed depreciation?

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Best answer by TaxGuyBill

Besides amending the 'open' years, there isn't really anything that can be done.

Form 3115 is for a change in method of accounting.  If it was properly depreciated last year, there is nothing to change.

3 replies

December 7, 2019

Besides amending the 'open' years, there isn't really anything that can be done.

Form 3115 is for a change in method of accounting.  If it was properly depreciated last year, there is nothing to change.

dinotaxAuthor
Level 3
December 7, 2019
Thanks Bill