I have a sale of a rental property that was not depreciated for 9 years. I am filing a 3115 and have entered the depreciation on Sch E Other expenses, 481 adjustment from 3115. My question is how to I modify Form 4797 line 22 for the allowable depreciation? Do I just enter it on the asset worksheet as prior depreciation?
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"Do I just enter it on the asset worksheet as prior depreciation? "
yes
"Do I just enter it on the asset worksheet as prior depreciation? "
yes
I'm curious what the clients explanation was for not depreciating the property for so long? Were they aware it was necessary?
Thankfully, I don't have much experience with form 3115, and I'm sorry I can't lend guidance in that regard.
Thank you! That's exactly what I needed to hear.
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