ColeenD3
Expert Alumni

Deductions & credits

There is no way to change the values at this point. You can't just change ships midstream.

 

If you started with incorrect values, you have two choices. You can live with it or you can see if you can use Form 3115. You will need to seek professional advice regarding this form. It can be used in the following circumstances.

 

SECTION 6. DEPRECIATION OR AMORTIZATION (§ 56(a)(1), 56(g)(4)(A), 167, 168, 197, 280F(a), 1400I, 1400L, or 1400N(d), OR FORMER § 168)646

 

.01 Impermissible to permissible method of accounting for depreciation or amortization646

.02 Permissible to permissible method of accounting for depreciation650

.03 Sale, lease, or financing transactions652

.04 Change in general asset account treatment due to a change in the use of MACRS property653

.05 Change in method of accounting for depreciation due to a change in the use of MACRS property