@Rosangelina wrote:
@Carl thanks, my tax preparer friend was depreciating both of my foreign properties at 27.5 years 😢😩. One was placed in service in 2006 (should be 40 years) and the other in 2020 (should be 30 years). Should I:
1. amend prior years returns (up to how many years?), or
2. is form 3115 used for this type of error?
Or any other advise? Thanks in advance..
R…
You need to use Form 3115 to straighten things out. I recommend going to a good tax professional that is familiar with how to use Form 3115 to correct depreciation methods.
