2436970
Hello
Does Turbo Tax support form 3115 and 481a or they provide this service with tax expert for the premium level?
I am having a hard time to find a good CPA who can do that for me. Either they don’t even know that depreciation needs to be recaptured on a rental property at the sale even if you never took it or they have no idea what form 3115 is.
I failed to take my depreciation over 10 years and now I need to do a catch up depreciation so I can post a loss and deduct if from gains attributable to depreciation recapture and ordinary income. Otherwise I will be in the hook for all the depreciation recapture tax for the tax benefit I never took , I need to offset it. I am losing my mind , nobody seems to be able to help me
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TurboTax does support Form 3115, but in the sense that the form is included in the desktop versions.
You might want to contact Support to see if there are any service options that would include preparing the form.
Do you have experience with this form? What help would I get with Turbo Tax expert for premium service ? I heard the firm is very difficult to prepare and people were saying to find a knowledgeable CPA which I can’t find !
It is not the worst, or absolutely terrible, but there are preliminary questions that can be confusing.
Primarily, you will be dealing with the section in the screenshot below.
You might also try the link below to find a qualified tax preparer in your area.
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