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kevydang
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I did not take depreciation on my rental property since September 2008. what can I do?

 
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I did not take depreciation on my rental property since September 2008. what can I do?

You can (and should) take the depreciation deduction for your rental for 2017 tax year. When you are ready to sell your property, the IRS will recapture the depreciation (whether you take the deduction or not) and tax a portion of it.

Because you have not taken depreciation in the past, consider amending your prior year's returns and take the appropriate depreciation expense. However, amending returns before 2014 will not result in a refund.  The IRS gives 3 years for a taxpayer to amend a return to receive a refund.  Please use the instructions in TurboTax FAQ below, if you chose to amend your returns.

https://ttlc.intuit.com/replies/3288565

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