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Investors & landlords
Improvements have to be added in the year they are made. You can't add a new for tax purposes in 2019 if the roof was put on in 2017. You could file amended returns for prior years to add the improvements for the last few years, but that's a lot of trouble. Another (better) option is to file a form 3115 - Application for change in Accounting Method. This would allow you to add each improvement and take all depreciation that should have been taken since they were made. You might want to consult with a local tax professional if you want to use Form 3115, as it is not supported by TurboTax.
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‎February 4, 2020
6:27 PM