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Rental sale no prior depreciation

ErinL
Level 2

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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Just-Lisa-Now-
Level 15
Level 15

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

yes


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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4 Comments 4
Just-Lisa-Now-
Level 15
Level 15

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

yes


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
GodFather
Level 8

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. 

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ErinL
Level 2

Prior accountant. 

ErinL
Level 2

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

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