PatriciaV
Employee Tax Expert

Business & farm

In general, you would file an amended return only if you failed to claim depreciation for the asset. Because you are correcting the class-year for an asset that was reported last year, your best option is to file Form 3115 for a change in accounting method. This option allows you to report the change on your current tax return.

 

See the instructions for preparing Form 3115 here: What should I do if I didn’t take depreciation on my rental property?
Ignore the references to "rental property," as the form can be used for any depreciable asset. Skip to the section "How do I change my accounting method?" You will need to use TurboTax Desktop (any version) to complete Form 3115.

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