topic Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed in Get your taxes done using TurboTax

Form 3115 to fix overclaimed deprectation - need input on the steps followed

ayshakeen — Wed, 11 Feb 2026 10:30:36 GMT

hi all, if you have experience with form 3115 would appreicate your help.
This is in context to a rental property which we started renting from last two years and since than the cost of property and land was written more than what it was ( current price was used vs what I bought it for). . This year while doing my own taxes I figured out the cost is incorrect so i reaced out to the tax preparer who did last two years and he helped prepare a form 3115. I am doing the rest of taxes myself for 2023 through turbo tax desktop version.

Anythign I am missing or need to do differently or update in tax prep software?

i have done the following:

I added the overclaimed deprecation amount in misc expenses.
I wil be e-filing while sending 8453, the form 3115, 3115 statement via mail.
I override the turbo tax deprecation field for that rental property and the value i put in is the difference of accumulated deprectation till 2022 and overclaimed deprecation. My tax refund reduced by ~50.

Thanks,

Aysha

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

Anonymous_ — Sat, 21 Dec 2024 20:35:25 GMT

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

ayshakeen — Fri, 20 Sep 2024 18:07:49 GMT

Yes

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

Anonymous_ — Sat, 21 Dec 2024 20:35:36 GMT

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

Anonymous_ — Sat, 21 Dec 2024 20:35:47 GMT

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

ayshakeen — Fri, 20 Sep 2024 18:22:33 GMT

What you said makes sense. It shoud be added in rental income than?

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

Anonymous_ — Sat, 21 Dec 2024 20:35:59 GMT

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

AmeliesUncle — Fri, 20 Sep 2024 20:40:15 GMT

Using an incorrect Basis is not a method of accounting. I'm sorry to tell you this, but Form 3115 does not apply.

It can only be corrected by amending.

Re: Form 3115 to fix overclaimed deprectation - need input on the steps followed

Anonymous_ — Sat, 21 Dec 2024 20:36:12 GMT