Question
Form 3115, schedule E for 2 properties
Hi,
I'm trying to fill in Form 3115 for unclaimed depreciation on 2 residential rental properties.
Property 1 (placed in service in Nov, 2019) - No depreciation was claimed for tax years 2019, 2020, 2022 and 2023. In 2021 tax return, depreciation was incorrectly calculated using incorrect placed-in-service date & cost basis.
Property 2 (placed in service in Aug, 2023) - Originally a personal residence, converted to rental use in Aug, 2023. Depreciation was not initiated after the property was placed in service as a rental.
While filling form 3115, schedule E section, how can I answer question 3 & 4 (b) as the answers will be different for each property. Do I need two 3115 forms? Please share any guidance. Thanks!
