Hello,
I own multiple rental properties, purchased since 2012 (first one) through 2019 (most recent one). I have never claimed depreciation on any of them, thinking I could keep my cost basis high until sale.
I was told recently that at the time of sale, the IRS will "assume" that depreciation was in fact taken since purchase at the specified rate (27.5 years, straight line for residential). Is that true? If so, how can I capture depreciation not taken in the past? Should I amend previous returns, or fill form 3115,k which i was told can help capture all depreciation at one go? Is there another way other than these 2 that I should consider?
If I amend previous returns, can I submit all amended returns (i.e. for multiple years) together, or do I need to submit for year 2012, wait for IRS to approve, then submit the next one for 2013 and so on...
Appreciate your help on this!
