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Investors & landlords
You really do need to engage a tax professional to rectify your situation.
See https://taxexperts.naea.org/expertdirectory
More likely than not, a Form 3115 will have to be filed to correct the fact that you adopted an impermissible method of accounting with respect to depreciation (which is not something you want to handle yourself).
See https://www.irs.gov/instructions/i3115#en_US_202212_publink100035827
‎June 8, 2024
7:06 AM