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Investors & landlords
I have sold my home in 2019, and reported depreciation for that year. I also filled out a 3115 form with the help of an Intuit CPA to recapture depreciation (say X amt) I failed to take in previous years. This was a rental property. On the rental income walk through where they ask about the sale, do I specify X amt on previous years depreciation or leave it at 0. If I specify X then it taxes me on the previous years, even though I didn't take the depreciation.
Form 3115 says it is used to fill out 481(a). I'm not sure what a 481(a) is, still looking for it.
‎July 13, 2020
12:52 PM