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mcdanielsfd
New Member

Didn't claim depreciation on rental last year so it's not letting me change it this year. The system is not letting me change it and I can't access the forms. Help?

 
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PaulaM
Expert Alumni

Didn't claim depreciation on rental last year so it's not letting me change it this year. The system is not letting me change it and I can't access the forms. Help?

If you haven't been depreciating your rental property, you may want to consider amending your past returns to do so. Because even if you have not claimed the depreciation, the IRS will assume you did. 

You will have to recapture (and pay taxes) on the allowable depreciation if you should dispose of the property down the road. Amending will allow you to get some benefit from that depreciation expense that is assumed to have occurred.

If you have not been depreciating your property, then for 2017, add your asset in the Rental section and input the original date of purchase. This will calculate the depreciation for this year and going forward, as well as completing a depreciation report that will list the prior depreciation (accumulated depreciation) amount that should have been taken. 

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed 

https://www.thebalance.com/depreciation-recapture-3192979

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
PaulaM
Expert Alumni

Didn't claim depreciation on rental last year so it's not letting me change it this year. The system is not letting me change it and I can't access the forms. Help?

If you haven't been depreciating your rental property, you may want to consider amending your past returns to do so. Because even if you have not claimed the depreciation, the IRS will assume you did. 

You will have to recapture (and pay taxes) on the allowable depreciation if you should dispose of the property down the road. Amending will allow you to get some benefit from that depreciation expense that is assumed to have occurred.

If you have not been depreciating your property, then for 2017, add your asset in the Rental section and input the original date of purchase. This will calculate the depreciation for this year and going forward, as well as completing a depreciation report that will list the prior depreciation (accumulated depreciation) amount that should have been taken. 

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed 

https://www.thebalance.com/depreciation-recapture-3192979

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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