IRS Change - Form 3115 (Application for Change in Accounting Method)

[Account Closed]

I just received an email from my accountant that basically stated the IRS has made some sort of change that will require investors to file a Form 3115 or they may be subject to a higher taxable income due to less deductions. Can anyone elaborate on this? I can post the text of the email if it would help.

[Brandon Hall]

@Account Closed 

I've recently written blog posts on the new IRS final regulations and on the requirement to file Form 3115 and the cost implications surrounding the form. 

Form 3115 is required if you owned rental real estate prior to 2014. It is a means to adjust your accounting method to adopt the routine maintenance safe harbor which is a requirement. There are no exclusions or exceptions.

Read those blog posts and feel free to shoot me a PM when you have questions.