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Deductions & credits
Best advice here is to get a tax professional, @Anonymous
Any foregone depreciation (depreciation deductions you were entitled to take) would be a negative Section 481(a) adjustment on Form 3115 while any deductions that exceeded that which were allowed would be a positive adjustment. Y
You really do need guidance from a local tax professional for this scenario.
March 6, 2024
7:49 AM