Hi,
For a rental property that I missed to claim depreciation expense for past 4 years and paid taxes on net possitive income due to this error - Can I claim net passive loss and offset my total taxable income in the year when I file form 3115 and claim 481A negative adjustment on my return? Or will my passive losses be restricted to set off only against future passive income?
Trying to understand how do I get back the higher taxes that I paid in past years due to not claiming depreciation?
Thank you
