You'll need to sign in or create an account to connect with an expert.
You should probably see an accountant. There is a special tax form to correct depreciation mistakes but it is complicated and usually requires an accountant's expertise to prepare.
Without an accountant, you could prepare and file amended tax returns for 2014, 2015 and 2016 to include the depreciation. It is too late to amend for earlier years. This would get you some of the depreciation that you have missed. However, when you sell the properties, you would have to pay recapture tax on all the depreciation you could have taken, including the depreciation that you missed for 2011 through 2013. So you would have to think about the cost in taxes of the missed depreciation for those years compared to the cost of having an accountant fix those years for you.
You should probably see an accountant. There is a special tax form to correct depreciation mistakes but it is complicated and usually requires an accountant's expertise to prepare.
Without an accountant, you could prepare and file amended tax returns for 2014, 2015 and 2016 to include the depreciation. It is too late to amend for earlier years. This would get you some of the depreciation that you have missed. However, when you sell the properties, you would have to pay recapture tax on all the depreciation you could have taken, including the depreciation that you missed for 2011 through 2013. So you would have to think about the cost in taxes of the missed depreciation for those years compared to the cost of having an accountant fix those years for you.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
ljkauffman6
New Member
mishelk
New Member
jraybe1
Level 1
rf78801
Level 2
terimac4
Level 3
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.