Carl
Level 15

Investors & landlords

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?

At this point, being "to late" is a moot point. Get professional help. Even if your appointment is after the filing deadline, so what? Filing wrong this year will just increase your costs next year. Besides, in the process of fixing this I'd be surprised if the "repair" increased your tax liability as it is. If you got refunds in years past, you'll probably still get a refund, albeit a reduced amount for 2019.  What I would expect to be reducing your 2019 refund, would be the fines/penalties for the incorrect reporting in years past. But I wouldn't see you having an increased tax liability. Besides, a well versed CPA can most likely reduce the fines/penalties you'd pay if you tried doing this yourself. So I suggest you stop looking for excuses and start looking for a CPA. (That last comment sounds ferocious, but I honestly don't intend it that way.)

Now since you say the property is showing a 37 year MACRS schedule, most likely you can't just arbitrarily change that since 2019 is not your first year depreciating the property. The CPA will need to take care of that too. But I still can't see how it's possible to get a 37 year MACRS deprecation schedule unless you intentionally elected the OTHER option on the depreciation screen and manually entered the digits "37" yourself in the first year you started renting this property. But that's a moot point now.

You "need" professional help and you need it yesterday if not sooner. The sooner you get on that, the less money you'll be spending in the long run.