Hi All,
My scenario is a bit simple but I want to make sure that I am answering this question correctly.
Bought my house in 2019 but put up as rental only in 2019. No depreciation was taken in 2021 and incorrect depreciation(quite less) was in 2022. I am now submitting 3115 (using DCN# 7) and need clarification on 2 questions from part 4:
Question 27 - Is the applicant required to take into account in the year of change any remaining portion of a section 481(a) adjustment from a prior change (see instructions)?
I am guessing that answer here is no, since I haven't submitted any previous 481(a) adjustments, but please confirm.
Question 28 - Is the applicant making an election to take the entire amount of the adjustment into account in the tax year of change?
I am guessing this is not applicable to me since my 481(a) adjustment is negative, but please confirm.
Thanks for your help.
