@Christine Hope wrote:
I am trying to decide if it is worth it.
I think that means that we should have taken $1,911.64 in depreciation each year. Does filing the Form 3115 means that we will get back $1,911.64 for 2018-2022?
Let's say you are in the 22% Federal tax bracket and the 7% State tax bracket (29% total). A deduction of $1911.64 would result in approximately $554 in refunds/less tax owed (although the decreased income could affect other things, potentially saving more).
However, you technically are NOT allowed to claim depreciation in FUTURE years unless you file Form 3115. Are you 'stuck' with not claiming depreciation until that form is filed. So you would be continually missing out on the depreciation deductions every year unless you file the Form 3115.
