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no mortgage or property taxes on it. I asked year he purchased property 2011 which he happened to bring all his taxes and noticed that no depreciation was ever taken and the last preparer applied all of the mortgage to the Schedule A long form. I suggested to add the depreciation this year, however question is what to do with all the prior years? Suggestions and tips welcome.
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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1) Extension
2) Amend where possible
3) Form 3115
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But as Lisa pointed out, if the rental is truly at less than Fair Rental Value (such as for family or friends), it may have been reported semi-correctly. But if it is just low because the taxpayer doesn't increase rent and the renter is not a friend or family, it still might be considered a for-profit rental on Schedule E.
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I still say extension...it's too late in the season to figure out this can of worms.. JMHO.
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I agree, file an extension.
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Still an AllStar
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Still an AllStar
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Still an AllStar
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I'm also needing to claim the 'catch up'. I'm including a 3115 but how do I add that extra catch up depreciation? I can't figure out how to get it on the depreciation sheet.