Hello,
I have a rental from 2011 to now 2020. I was originally not depreciating it in 2011 to 2015. Through some mishap I started depreciating it in 2016 to 2018. In doing my 2019 taxes I would like to go back to not depreciating it. I have put a lot of work in the property and chose to get the tax write off that year. The maintenance upgrades are trees trimmed, hot water in 2017, two new toilets in 2019, New stove in 2019, new microwave in 2019, new roof in 2017, and new washer and dryer in 2018.
Tax reporting History:
2011 - 2015 no depreciation, no form 4562 in tax pdfs
2016 - 2018 Ye depreciation, ye form 4562 in tax pdfs
What do I do to correct the reporting situations in 2016 - 2018?
Or is it incorrect to switch inadvertently in this reporting scenario?
What I have now is I am depreciating the house after the large updates but would rather take the deductions for the year of impact. The rent I charge is below the assessed fair value amount so my taxes are less. Any post would be appreciated.
Thank you.
Thank you.
