$25.00 
Learn more
Submitted By: someone
Answered: July 22, 2018 10:46 pm
Answered: July 22, 2018 10:46 pm
I own rental property but forgot to deduct depreciation last year. Can I claim the overlooked amount on my return this year?
To catch up on missed depreciation, you must make a change in accounting method. However, this is an automatic change; you don’t need IRS approval but do have to follow procedures. Details on how to do this can be found in Rev. Proc. 96-31 (https://www.irs.gov/pub/irs-tege/n96-30.pdf).
advertisement
Featured Books
Tax Glossary
Nonrecourse financing
Debt on which a person is not personally liable. In case of nonpayment, the creditor must foreclose on property securing the debt. At-risk rules generally bar losses where there is nonrecourse financing, but an exception applies to certain nonrecourse financing for real estate.
