Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 6 years ago,

Account Closed
1
Votes |
4
Posts

Questions about Form 3115

Account Closed
Posted

I have a foreign rental property that's been in service since 2013. I recently found out I could claim depreciation for it. I contacted a CPA and he said I would need to amend my forms from 2015 on since that's within the 3 year amendment period; he didn't mention anything about the missed depreciation prior to 2015. I did some research on my own and it seems like I can claim that depreciation as well since when I sell the property, the IRS is going to assume that I claimed it whether I actually did or not. However the form/procedure is quite confusing so I was wondering which of the below would be the better alternative:

1. Amend the 2015-2017 forms and either claim the missed depreciation from 2018 on or when I sell the property (assuming its allowed)? Or will I miss the opportunity to claim the missed depreciation because of rules around "changing accounting procedure" etc. (I went through the instructions but found them hard to follow)

2. Skip the amendments for previous years and file a form 3115 along with the 2018 tax form by the due date and claim the depreciation from 2018 onwards?

Thanks.

Loading replies...