AmyC
Expert Alumni

Investors & landlords

1. You will need to file Form 3115 to claim the depreciation you didn't take. You can file it for 2024 and you won't amend the other returns.

2. Selling the asset, you will put the entire amount you should have taken. 

3. You will continue with the asset as you have been - don't replace it.

 

The laws around Form 3115 changed and there is now a fee to file it separately from your return so you really should submit it with your return. For more instructions and information, see another post of mine from last year. 

 

A year later, I want to add that if you are using the online version, you can switch to live help, because the 3115 is challenging to fill out. If you want to do it yourself, you will need to switch to the desktop version. See How do I switch from TurboTax Online to the TurboTax software?

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