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Investors & landlords
Unfortunately, your prior tax preparer messed things up even more. You were not allowed to take depreciation in 2021, 2022 or 2023 (without Form 3115), so now those three years are incorrect and should be amended.
Yes, Form 3115 can be filed with your current year tax return to 'catch up' on the prior depreciation. I recommend going to a tax professional that is experienced with 'catching up' on depreciation on Form 3115 (unlike your prior tax preparer).
‎January 13, 2025
12:44 PM