@tina160 wrote:
Hi Carl,
Thanks for your reply.
Could you please read my post today?
How do you explain the TT distribute my depreciation to 37 years?
I understand I couldn't do the amending now. But it's too late to find a CPA to help me file Form 3115 for this year. What should I do now?
1. File depreciation in 2019 tax return. Then put "Amount of Depreciation Taken in Prior Years: 0"
That will distribute the depreciation to the following 37 years.
or
2. Don't file depreciation in 2019 tax return.
File Form3115 to rectify this situation next year (2020 tax return).
File an extension and have a tax professional file Form 3115 this year.
And no, you can't enter $0 for prior depreciation. You would enter what you SHOULD have taken.
