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After you file
3115 to correct all years. CORRECTION (originally though you took too much actually you took too little) in addition, since this is a negative 481 adjustment you can pick up the entire adjustment in the year of correction. if you do not correct this your 1250 deprecation recapture, when sold, will be the amount of depreciation you should have taken without ever getting the tax benefit of the missed depreciation. the higher gain in the year of sale can affect many other items on your 1040. For example, this bogus gain could subject you to a 3.8% net investment income tax. The result could be paying more taxes in the long run then the correction had been made. Consult a tax pro to go over the potential results
‎June 13, 2024
9:20 AM