Filing Form 3115 to catch up on missed depreciation, is form 4562 also needed to be filed or that will go next year

[paulreese18]

I am Filing form 3115 to catch up on missed depreciations, is form 4562 also needed to be filed in this same year along with Form 3115 or that will go next year. 

Also while doing calculation for missed deprecations, my property is foreign rental property which was partly rented starting in 2011. Should I go with 40 year depreciation or 30 year depreciation, I assume answer is 40 year since it is before 2018 when law was changed but just wanted to be sure. Will appreciate an answer

[Carl]

Foreign rental property placed in service before 2018 is required to be depreciated over 40 years.

But yes, you "will" be completing a 4562 for the 2020 tax year. I also assume you know what you're doing with the 3115, as that form is not as simple as it may seem. I always recommend professional help for the 3115 becuase it can be (and is) more complex than one may think. Doing it wrong has the high potential of costing you more than it would have for professional help, when the IRS catches up to it.

[paulreese18]

Thanks for your reply. I was looking at this post which easily explains how to fill the form with an example. Just dont know how to fill 4562 along, please share an example if any on that. Appreciate your reply

https://www.natptax.com/explore/Documents/2019Form3115.pdf

[Anonymous_]

@paulreese18 

I am not certain where Form 4562 fits into your scenario (see the link below to review filing requirements).

Essentially, you are using Form 3115 to make a Section 481(a) adjustment for depreciation not taken.

https://www.irs.gov/instructions/i4562#idm140594193897824

[paulreese18]

How do I show ongoing depreciation next year  after filling form 3115 this year? Which form is to be used next year?

[Anonymous_]

You only use Form 3115 for the year you are catching up on foregone depreciation; the form does not need to be filed in a subsequent year.

[paulreese18]

Got it, thanks for your reply, trying to understand where will next year’s depreciation show, which form?

[paulreese18]

Trying to clarify, I will be catching up depreciation from 2011 to 2020 on form 3115 in 2020 return this year.  2021 depreciation in next year’s return which form will it go on ?