Business depreciation schedule

Jktrans
Jktrans Member Posts: 1 Newcomer
in Credits/Deductions

Last year first with Free Tax USA. Failed to get my depreciation schedule entered. Do I need an amended return or just get it this year?

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  • KristineS
    KristineS FreeTaxUSA Agent Posts: 220
    Answer ✓
    https://community.freetaxusa.com/discussion/1943/business-depreciation-schedule

    Hi Jktrans,

    While depreciation is not required to be reported, it is almost always to your benefit to do so.

    You can amend your prior year return using this FreeTaxUSA link. If you choose to amend your prior year return, the depreciation information will continue to move forward onto your current year return.

    In particular, if you have have a rental property the IRS assumes you are claiming depreciation under the 'allowed or allowable' rule. So when/if you ever sell the rental property you'll automatically have 'depreciation recapture' reported on your tax return.

    See page 15 in IRS Publication 527 for depreciation deduction details.

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