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I forgot to take depreciation on a heat pump I bought for a rental property in 2013? Is there anything I can do about it now?
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I forgot to take depreciation on a heat pump I bought for a rental property in 2013? Is there anything I can do about it now?
You can file Form 3115 and make a 481(a) adjustment to account for the missed accumulated depreciation.
See https://www.irs.gov/instructions/i3115#idm140516453720416
You might want to seek professional guidance.
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I forgot to take depreciation on a heat pump I bought for a rental property in 2013? Is there anything I can do about it now?
You can file Form 3115 and make a 481(a) adjustment to account for the missed accumulated depreciation.
See https://www.irs.gov/instructions/i3115#idm140516453720416
You might want to seek professional guidance.
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I forgot to take depreciation on a heat pump I bought for a rental property in 2013? Is there anything I can do about it now?
You can file form 3115 to correct the mistake. However, this is complicated and not supported by Turbotax. We usually recommend having an accountant prepare the form. That might cost more than the benefit. I suppose you could place the heat pump in service this year (using the current fair market value, rather than the purchase price) and you will at least get something going forward.