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

caryn · ‎June 6, 2019

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?

Rick19744 · ‎June 6, 2019

You have two choices:

File an amended tax return as you stated, or
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.

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

After you file