@sonalisapal wrote:
Do I need to also file form 3115?
Yes, but only if both your 2022 and 2023 returns have been filed using an impermissible method of accounting (e.g., without any depreciation deduction taken for both years).
See Publication 946 (2023), How To Depreciate Property | Internal Revenue Service (irs.gov)
Adoption of accounting method defined.
Generally, you adopt a method of accounting for depreciation by using a permissible method of determining depreciation when you file your first tax return, or by using the same impermissible method of determining depreciation in two or more consecutively filed tax returns.
