Form 3115 Missed Depreciation White Paper
Created March 31, 2016
The IRS allows a taxpayer to correct depreciation deductions by claiming the missed depreciation and correcting the depreciation methods and/or life for future years. Often the tax preparer does not know about a depreciable asset until the taxpayer has sold it or they have owned and used it in their trade or business for several years without taking any depreciation deduction.
Form 3115 Missed Depreciation white paper