I'm doing the 2006 & 2007 returns for a new client. I noticed there was no depreciation claimed in their business on the prior year returns, and sure enough it is an omission. Starting in 2000 they had buildings to depreciate, and in 2005 they had a large piece of equipment.
Obviously 2006 & 2007 are not timely filed. Do I wait until 2008 to file a 3115? And therefore do I take no depreciation on the 2006 & 2007 returns, and then fix everything on the 2008? Or can I file the Form 3115 with the 2006 return which has not yet been filed. I'm thinking I have to wait until 2008 since the 2006 & 2007 will not be timely filed but thought I'd run it by the "experts" here.
Thanks
Carolyn
Obviously 2006 & 2007 are not timely filed. Do I wait until 2008 to file a 3115? And therefore do I take no depreciation on the 2006 & 2007 returns, and then fix everything on the 2008? Or can I file the Form 3115 with the 2006 return which has not yet been filed. I'm thinking I have to wait until 2008 since the 2006 & 2007 will not be timely filed but thought I'd run it by the "experts" here.
Thanks
Carolyn