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Updated about 6 years ago on . Most recent reply
A late depreciation
I have been renting my property since 2012. I have never depreciated it on my taxes. How would I go about making up this depreciation?
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Eamonn McElroy
#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
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- Atlanta, GA
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
You'll want to consult your tax CPA/EA, or onboard one as you'll need to apply for a change in accounting method (Form 3115) -- impermissible to permissible. This will probably be in the "very difficult" category for a DIY preparer.
Good idea to get it taken care of, you'll have potential Unrecaptured Sec 1250 gain if you sell whether or not you depreciated.