We are in the midst of preparing Form 3115's to address the TPR regulations for a new client. Upon reviewing the client's depreciation schedules and prior year tax returns, we found several expenditures that were written off, even though they should have been capitalized.
The Form 3115's that are being filed will address expenditures...
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Expenditure Written Off in Prior Year, Should Have Been Capitalized - Method Change 7
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Claiming Unclaimed Prior Year Depreciation
I have a client who has two rental properties - a commercial building put into service in 2002; and a vacation rental put into service in 2007. There have been some minor assets in the vacation home depreciated over the years but neither the commercial building nor the vacation home themselves have ever had depreciation taken on the real property....