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Where to report Form 3115 income on Form 1040

tpm
Level 1

Client has income from 481(a) depreciation adjustment on Form 3115 for $340,000 and will report $85,000 per year for four years.  This is due to a Schedule E basis eDoes this get reported on Line 24 of the Other Income Statement?

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2 Comments 2
sjrcpa
Level 15

I'd put it on the Sch E.

The more I know, the more I don't know.
TaxGuyBill
Level 15

@tpm wrote:

This is due to a Schedule E basis e


 

Out of curiosity, how was it being depreciated before?  Having $340,000 as income to correct depreciation is unusual.