Does TT allow e-filing with Form 3115 for unclaimed depreciation?

[RP777]

I am guessing you have already filed your taxes by now.  If it helps anyone, here is what I did:

 - E-filed through TT (on 4/14/22) and it printed the form 3115 along with 8453 (form to show you have e-filed your 1040)

 - Then I mailed (on 4/18/22) the two forms, along with an attachment showing the depreciation calculations & other info, to the IRS address printed on 8453 (You may fax it)

 - Then I mailed a signed copy of 3115 to the Ogden UT address

[nanosuna1977]

thanks for the clarifications.  I am in the process of working with this form 3115.  Would you mind if I ask you questions along the way?  I am having a tax pro create the forms for me.  once I have them I will input them into TT desktop (form view).  Thanks again

[Sumodog85050]

Can I ask how you were able to fill out form 3115 in TurboTax? I have the same situation as everyone else and I want to efile my return along with my digital form 3115 and then mail in a copy and the attachments. 

[Sumodog85050]

Actually, I found it by clicking on Forms, Open Form, 3115. TT could make it easier to find but I am all set now. 

[Sam Hopi]

Hi , I think you can help. I want to file 3115 timely to become day trader for 2024 and opt in MTM but let me know

for a day trader what would be line 13 part ll as an individual.  If it is  yes the answer should file Sch A on part l , what would be Present method and Proposed method for a day trader?

And what is the answer of line 5 part l on Sch A as well? 

How about section 481(a) part lV, line 25, Yes or No for a day trader as individual. If I answer no, line 26 ask me the amount but I do not know how much it would be?

Thanks a lot 

[DaveF1006]

Please read the instructions for 3115.  This gives a complete breakdown on how or report items in line 13 and line 5 part A on Schedule A. This may help you determine how to record this information in the 3115.

Present and proposed methods refer to the 481 (a) adjustment to be made and is addressed in the 3115 instructions. Please read the two examples given in this section as it is difficult for us to comment on this.  The present method is what is presently used to value your securities inventory but  your proposed method of valuation  may change the value of your inventory. If it does, line 26 will reflect the amount that differs between the two methods I mentioned above. If you don't know, you may need to do a cost valuation analysis to project a change in valuation. 

Hopefully this helps. Day Trading can be complicated and risky at the same time thus we can only give limited advice on how to record this because we are Tax Advisors and not Financial Advisors.

@Sam Hopi