rental property - forget to claim depreciation

[user17725997282]

 I have 2 properties. 

One has been rented out since 2021 until now, and the other has been rented out since the end of 2024 until now.

This year I realized that I have not been claiming depreciation on my tax returns since I rent the properties out. 

What should I do now?

Can I just start claiming depreciation this year?

Or should I amend the past three year's return?

Or do I need to file Form 3115?

Thank you!

[CesarJ]

If you have failed to claim depreciation for two or more years, the IRS views this as an established, incorrect accounting method. 

Instead of simply beginning to claim it now, you are generally required to file Form 3115 to formally change your accounting method. 

This process allows you to claim a Section 481(a) catch-up adjustment on your current tax return, which accounts for the total missed depreciation from all prior years.

You  must also send Form 3115 to:

Internal Revenue Service
Ogden, UT 84201
Attn: M/S 6111

[user17725997282]

Thank you so much!