I am preparing 5 years of back taxes starting with 2017. Client sold a rental property in 2017. In service since 2006. Prior tax preparer used an incorrect cost basis. So, depreciation is incorrect. Can I file a 3115 to correct the depreciation for 2017 since the return is being filed 5 years later?
I asked this question on the 3115 facebook page and have not received a credible comment.
Tom Talks Taxes - December 8, 2022
I am preparing 5 years of back taxes starting with 2017. Client sold a rental property in 2017. In service since 2006. Prior tax preparer used an incorrect cost basis. So, depreciation is incorrect. Can I file a 3115 to correct the depreciation for 2017 since the return is being filed 5 years later?
I asked this question on the 3115 facebook page and have not received a credible comment.
Thanks
Linda A. Wall, EA