Investors & landlords

if you start in 2023 you'll be burned by the tax laws when you sell because you must reduce your tax basis thus increasing your taxable gain by the depreciation you should have taken in the years 2020-2022. also, this deduction you didn't take can be taxed at around 25% as section 1250 recapture. Of course you could always hire a tax pro to file form 3115 to correct for the missed depreciation but this is expensive. amend now while you still can. once a year is closed correction can only be done by filing form 3115.