Yes, you must file Form 3115 with your 2023 tax return because the statute has run out for 2019. This way you can catch all the depreciation you missed. It's important because the IRS rule is allowed or allowable (use it or lose it). It will be accounted for at a point of sale whether or not you actually used it.
Form 3115 Instruction: By including this with the current year tax return, you can complete everything on the 2023 tax return.
- Adopt a change in accounting method: This option allows you to go back as far as you need. Make the adjustment on your current year tax return to expense the missing depreciation.
- Why am I adopting a change in accounting method? Not claiming depreciation in two or more years indicates that you've chosen an accounting method without depreciation. In this case, you must now elect to change your accounting method to include depreciation.
- You must use the TurboTax CD/Download version to complete this form. TurboTax does not help you with this form. And your return must be mailed because this form is not supported through e-file.
You can change to TurboTax CD/Download if you choose.
This must be completed and filed with the return on time.
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