Fixing Depreciation Problems

[LCP]

I realize that there are procedures to correct depreciation problems in the current year.

I'd like to be able to amend returns dating back to 2002 for depreciation that never was taken on both real estate and personal property. That was when the business was acquired and the assets originally purchased have never been depreciated.

In 2005, ownership changed so correcting in 2007 is not going to help the old owner.

Can I do that??

[thomtax]

Amended returns

Keeping in mind that you would be unable to get any refund back past a limited time, is there any reason that you could not file an amended return for the past years? There may be some technicality, or the client may not want the amended returns, but you could pick it up for the new owner.

LT

[LawrenceGR]

3115

Couldn't you file a 3115? I filed one a few years ago to pick-up some left behind depreciation, the form is a lot of work but it may work. I think it is covered in TTB.

[erchess]

I was taught that amending a return over depreciation

was like writing a letter to the Commissioner saying "Please audit this client. Neither he nor I knows what is really going on here." On the other hand, F 3115 causes no such concerns.

[Jiggers]

Correcting Depreciation

I realize that there are procedures to correct depreciation problems in the current year.

I'd like to be able to amend returns dating back to 2002 for depreciation that never was taken on both real estate and personal property. That was when the business was acquired and the assets originally purchased have never been depreciated.

In 2005, ownership changed so correcting in 2007 is not going to help the old owner.

Can I do that??

Why type of business: 1065, 1120, 1120S, Schedule C, ?