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https://www.thetaxadviser.com/issues/2020/aug/cares-act-previo[product key removed]ns.html
Edit: ugh. the forum is chopping that link above. Here is a short url that should redirect to it.
https://www.wealthyaccountant.com/2021/09/20/form-3115-cost-segregation-study/
@AmyC I have a missed depreciation of about $80k (never claimed it) of a rental property that I also sold in 2023. My tax advisor chose to compensate via 3115...but in the full amount, not $50k over multiple years as you are suggesting in your post. Could you please clarify: is the 50k de minimis option a choice or a requirement? If it is a choice - what would be the criteria I should look at to decide. Thank you very much for this helpful post of yours!
My tax advisor chose to compensate via 3115...but in the full amount, not $50k over multiple years as you are suggesting in your post.
Because line 28 is for a positive adjustment which is not what you want. When you miss depreciation you make a negative adjustment. Your tax advisor handled it correctly.
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