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johnmhtr
February 15, 2023
Solved

Where to enter my section 481(a) adjustment for unclaimed depreciation.

  • February 15, 2023
  • 1 reply
  • 0 views

I've had a rental property for years and never claimed depreciation. This property was rented in 2022 and sold later in the year. So I will be filing a Sch. E for 2022.

I have completed form 3115 to change accounting methods with 2022 being the year of the change.

This results in a section 481(a) adjustment that is all the depreciation I did not claim in past years and I need to use this in one lump sum in the 2022 return.

 

I'm not exactly sure where this goes on my 2022 return.

I would think on Sch. E, line 19 as other expenses?

Is this the right way to do this?

 

Thanks

 

    Best answer by Anonymous_
    @johnmhtr wrote:

    I would think on Sch. E, line 19 as other expenses?

    Exactly right and do not forget to attach a statement with your return along with Form 3115.

     

    Also, note that you need to file a signed copy of Form 3115 with the IRS National Office.

     

    See https://www.irs.gov/instructions/i3115#en_US_202212_publink63215hd0e222

    1 reply

    A
    Anonymous_Answer
    Employee
    February 15, 2023
    @johnmhtr wrote:

    I would think on Sch. E, line 19 as other expenses?

    Exactly right and do not forget to attach a statement with your return along with Form 3115.

     

    Also, note that you need to file a signed copy of Form 3115 with the IRS National Office.

     

    See https://www.irs.gov/instructions/i3115#en_US_202212_publink63215hd0e222

      J
      johnmhtrAuthor
      February 15, 2023

      Thanks, I just wanted confirmation.

      I have the completed 3115+supporting statements as a single file pdf.

      Can this be attached and filed electronically with TT?

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