Tax Year Prior to 2020: Amending previous returns

[someguy_1990]

Hi,

I am looking to amend my tax returns for previous 5 years. I have not claimed depreciation in the past on my rental property. However, Schedule E still resulted in a loss in each tax year. Since my refund amount is not going to change in any previous year, but claiming depreciation will only change the loss carry amount, as such, I am thinking of filing an amended return (Form 1040X) as opposed to Form 3115.  Where on Form 1040X should I claim depreciation? I don't see a place for it. Or, do I need to fill Form 4562 in conjunction with Form 1040X?

Thanks for your help in advance!

[AlanT222]

Yes, you must complete form 4562 to claim the depreciation.  When you enter depreciable assets—vehicles, buildings, farm equipment, intellectual property, etc.—we'll generate Form 4562 and apply the correct depreciation method.

[someguy_1990]

Hi AlanT222, can you let me know if you can help me with this? Let me know how I can reach you via phone to discuss further

[WKins2]

You can go back and amend the past three years of returns to include the depreciation you did not take. You will need to use for 4562 to do that, but can add that on to your amended return. 

You should not try to amend your return until the original return it has been fully processed and you have received your refund or your payment has cleared.
 

Amended returns do not “catch up” to your original return and replace them; they are processed as two separate returns.  Amended returns have to be printed and filed by mail.  It can take the IRS up to 12 weeks or longer to process them.   If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it.  If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return.

You can check the status of your amended return by clicking here: https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1

Click here for amending instructions: https://ttlc.intuit.com/replies/3288565

[someguy_1990]

Thank you. My situation si slightly different though. I need to amend taxes for 5 years, not 3: How do I amend taxes for years more than 3 years past? Also, all I need to do is include depreciation, and based on my past returns, it appears that it will not affect  a refund or additional payment. All this will affect is losses carry forward due to depreciation. (I understand that in cases when this depreciation affects Schedule E income to reduce, it is more challenging. But my Schedule E show up as minor losses for all previous years) In such a case, will it be more straightforward, and should I be able to amend all returns for past 5 years together?  

[AlanT222]

Unfortunately, you can only amend the previous 3 returns.  You have 3 years from the date you filed your return (or 2 years after you paid the tax due, whichever is later) to file an amended return.