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ao27091977
Returning Member

Catch up depreciation on rental property

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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4 Replies

Catch up depreciation on rental property

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.

 

What is the TurboTax phone number? (intuit.com)

ao27091977
Returning Member

Catch up depreciation on rental property

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 !

Catch up depreciation on rental property

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.

 

Untitled.png

Catch up depreciation on rental property

You might also try the link below to find a qualified tax preparer in your area.

 

https://taxexperts.naea.org

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