Skip to main content
January 25, 2023
Solved

Form 3115 Reporting depreciation rental property in another state - CPA local or remote?

  • January 25, 2023
  • 1 reply
  • 0 views

I failed to report depreciation.  I'm in NC.  Property in CA.  If I want help with 3115 should CPA be near me or best to be in the state the rental property is in?  Does it make a difference?

 

I should have caught this sooner I know.  I'm used Turbo Tax for rental properties.  I wasn't seeing the right screen and I thought TT was calculating it.  My mistake to not look more carefully.

    Best answer by Anonymous_

    TurboTax only supports Form 3115 in Forms Mode, which is only available in the desktop products.

     

    With respect to the location of a tax professional, it really does not make a significant difference provided that professional is familiar with CA tax law and procedures (local NC would be more convenient for you, of course).

     

    You might want to consider an enrolled agent.

     

    See https://taxexperts.naea.org/listing/service/individual-tax-preparation

     

    Regardless, you should inquire as to the individual's, or firm's, experience with respect to preparing Form 3115.

    1 reply

    Employee
    January 25, 2023

    TurboTax only supports Form 3115 in Forms Mode, which is only available in the desktop products.

     

    With respect to the location of a tax professional, it really does not make a significant difference provided that professional is familiar with CA tax law and procedures (local NC would be more convenient for you, of course).

     

    You might want to consider an enrolled agent.

     

    See https://taxexperts.naea.org/listing/service/individual-tax-preparation

     

    Regardless, you should inquire as to the individual's, or firm's, experience with respect to preparing Form 3115.

    Mark_NCAuthor
    January 25, 2023

    Thanks.  I'm only using desktop products.  Is there some other type?

     

    I didn't mark this as best answer but I appreciate it.

     

    When using Turbo Tax how do you enter rental depreciation?  Because I didn't see how to do it.

    Employee
    January 25, 2023

    @Mark_NC wrote:

    I'm only using desktop products.  Is there some other type?


    TurboTax also offers online products.

     

    See https://turbotax.intuit.com/personal-taxes/online