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L
lsheldon
Level 1
May 18, 2022
Question

step by step catch-up depreciation for business use of home

  • May 18, 2022
  • 1 reply
  • 1 view

Client has been operating business out of his home since 2010.  None of the CPAs or other tax preparers accounted for the depreciation.  What are the step-by-step instructions for Form 3115 after the property is entered as an asset?  I have already separated the land based on assessed value at the time of purchase.

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1 reply

T
TaxGuyBill
Level 15
May 18, 2022

If you are asking how the actual Form 3115 is filled out to 'catch up' on the missed depreciation', you may want to Google "Brass Tax 3115".  That tax preparer has a nice guide for sale for $20 that many have found extremely helpful.

After you calculate the missed depreciation, you can generally just enter that as an 'other' expense on the appropriate form (in your case, that sounds like 8829).

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