Catch up depreciation

[Luna36]

I had been taking rental depreciation for 4 years on a rental condo then somehow missed taking the depreciation for the next 3 years. Can I still use Form 3115 to catch up on the missed depreciation? Or can 3115 only be used for missed depreciation if I had never claimed depreciation in prior years?  

[DavidD66]

You can use Form 3115 to claim the depreciation that you did not claim, even though you did claim depreciation in previous years.  Form 3115 is not simple form.  You want to seek the help of a local tax professional to help with the completion of, and filing of Form 3115.

[AmeliesUncle]

I posted this on another thread, but here it is again:

If depreciation was correctly claimed in the first and/or second year, the only way to claimed the missed years is to amend.

Form 3115 does not apply when depreciation was correctly taken in the first and/or second year.

[Mike9241]

Amending returns will only correct depreciation errors that have occurred in the last three years. Errors that have occurred before that cannot be “caught up” on current or amended returns and will only be “caught up” when the asset is sold using a Form 3115 and Code 107

[AmeliesUncle]

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@Mike9241 wrote:

Amending returns will only correct depreciation errors that have occurred in the last three years. Errors that have occurred before that cannot be “caught up” on current or amended returns and will only be “caught up” when the asset is sold using a Form 3115 and Code 107

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No, if a correct Accounting Method has already been set (by doing it correctly in the first and/or second year), Form 3115 does not apply.