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Amending Form 1120

Level 2

I am amending to include a carryback loss. the fiscal year is 10/1/2016 - 9/30/2017. The problem is re-creating the original return (I didn't prepare) Form 4562 has an entry for Part III - i, nonresidential real property. It is for a roof on a building - the previous preparer has it listed as 39 year property, MM convention, SL method. Now here is the problem, the date placed in service is 3/14/2017 for $18,800 and the current year depreciation is 262. I can't get it to add the current year depreciation (2016), it wants to carry it to 2017 return. I have tried the quick-entry of the item and the direct input, both without showing any depreciation at all. Is there a way to over-ride this? Or am I missing something?

Thank you for your suggestions.

Pattie

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Level 15

Did you indicate beginning month 10 in the client information screen > Miscellaneous > Fiscal Year End ? 


ex-AllStar

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5 Replies 5
Level 15

Did you indicate beginning month 10 in the client information screen > Miscellaneous > Fiscal Year End ? 


ex-AllStar

View solution in original post

Level 2

Thank you! That was it! Those little things....

Pattie

Level 2

Can you tell me if I can amend the 2015 form 1120 for the 2018 NOL with the ending date of 9/30/2019? You go back 3 years, correct?  am I too late?

Pattie 

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Level 15

I believe the carryback period is now 5 years. This is different than doing an amended return for "normal" adjustments.

Have you considered filing 1139? https://www.irs.gov/forms-pubs/about-form-1139

 


ex-AllStar
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Level 2

I will take a look - that may be the way to go as the business has closed.

Thank you so much! Hope I don't have any more questions, you have been kind to help

Pattie

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