3115 depreciation is partly right?

Forum|Forum|4 years ago
June 30, 2022
2 replies
11 views

I have to prepare 3115 for property that was depreciated as commercial instead of residential.

And another property that did not account for land.

I am working on the spreadsheet that goes with the 3115. Do I only put on the spreadsheet just the items that were wrong? There were some improvements and other items that have the correct depreciation for each property I don't want to make the spreadsheet confusing just want to keep it simple. Most 3115's I have prepared there was no depreciation taken on the property so this one is a little different.

Thanks

Michele

Lacerte Tax

This topic has been closed for replies.

T

TaxGuyBill

Level 15

@michele wrote:

Do I only put on the spreadsheet just the items that were wrong?

Yes, you only enter information about the items that are changing.

T

TaxGuyBill

Level 15

@michele wrote:

I have to prepare 3115 for property that was depreciated as commercial instead of residential.

And another property that did not account for land.

You may want to double check they incorrectly used 39 years. If they used 40 years, they are using ADS.

You probably want to phrase it as they were depreciating the land (which qualifies for Form 3115), not that the building was done incorrectly (which probably does not qualify for Form 3115).

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