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caryn
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Can I catch up on past incorrect depreciation without submitting amended returns?

I have submitted the wrong depreciation percentage for my room rental in the previous years (100% versus what it should be...15.50) Doh! Is there a way to catch up and take less depreciation from this point forward so I don't need to submit amended returns?


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Can I catch up on past incorrect depreciation without submitting amended returns?

You have two choices:

  1. File an amended tax return as you stated, or
  2. Complete and file a form 3115 to correct your depreciation error.
The easier of the two would be to amend your tax return(s).
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
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