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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:
- File an amended tax return as you stated, or
- Complete and file a form 3115 to correct your depreciation error.
*A reminder that posts in a forum such as this do not constitute tax advice.*
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