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Rental sale no prior depreciation

Forum|Forum|2 years ago
April 12, 2024
2 replies
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I have a sale of a rental property that was not depreciated for 9 years. I am filing a 3115 and have entered the depreciation on Sch E Other expenses, 481 adjustment from 3115. My question is how to I modify Form 4797 line 22 for the allowable depreciation? Do I just enter it on the asset worksheet as prior depreciation?

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Best answer by Just-Lisa-Now-

"Do I just enter it on the asset worksheet as prior depreciation? "

yes

Intuit Community Champion

Answer

Intuit Community Champion

"Do I just enter it on the asset worksheet as prior depreciation? "

yes

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

ErinLAuthor

Level 2

Thank you! That's exactly what I needed to hear.

Intuit Community Champion

Intuit Community Champion

I'm curious what the clients explanation was for not depreciating the property for so long? Were they aware it was necessary?

Thankfully, I don't have much experience with form 3115, and I'm sorry I can't lend guidance in that regard.

ErinLAuthor

Level 2

Prior accountant.