Solved: I forgot to take depreciation on a heat pump I bou...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

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?

What can I do about depreciation I forgot to take on a heat pump I bought for a rental property in 2013?
1 Best answer

Accepted Solutions
Level 15

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.

View solution in original post

2 Replies
Level 15

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.

View solution in original post

Level 15

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. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
Dynamic Ads
v
Privacy Settings