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3115-Ask
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3115 Ask

Hi there,

I need a quick Form 3115 advise - I bought a condo in 2012 for a rental business and not realizing condos in an apartment building has a $0 land cost basis, since HOA has the land - I entered 50:50 value in Property Value and Land, where as Land should be 0 and the property value should be at100.

 

Over the past 12 years, I have claimed depreciation on a lower 50% property cost basis claiming only 50% depreciation so far - depreciation not missed completely, however, claimed only 50% of the full property value. The other half of the property value is sitting in the "Land" box.

 

Could I use Form 3115 to fix the land cost basis as 0 and move the property as 100 for all the lesser claimed depreciation over 12 years?

 

Any expert 3115 advise over this correction is greatly and deeply appreciated 🙂

Thank You!  

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