Form 3115-Missed Depreciation

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  • sami
    Member
    • Apr 2017
    • 78
    #1

    Form 3115-Missed Depreciation

    Can Form 3115 be filed for missed depreciation on rental property in the year of sale. Client missed to take deprecation on rental property for last 15 years and sold the rental in 2019. Can I help them get them in anyway to get a deduction on missed depreciation or are they out of luck. Any suggestions what to do in this situation will be very helpful.
    Tags: None
    • TaxGuyBill
      Senior Member
      • Oct 2013
      • 2321
      #2
      Yes, you can use Form 3115 in the year of the sale. Use Code #107.

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        • sami
          Member
          • Apr 2017
          • 78
          #3
          A local CPA with much large practice near my location, said you can not claim Form 3115 in the year of sale. While I read Code 107. So I wanted to confirm as client will save $20k in taxes and I don't want to guide them incorrectly.

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