WITAXLADY Posted April 13, 2015 Report Share Posted April 13, 2015 2011 return - sold rental and never took depreciation - so amending for it so I assume I should file a 3115 - so I can write it all off in 1 year - read the instructions and the list of accounting methods so I can put a code on the Simple Method lines Now I am stuck - please help - coming Monday and of course this needs to get mailed... what do I put or fill out to do this properly? any help would be appreciated to finalize the return - about $5,000 refund. Thank you Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 13, 2015 Report Share Posted April 13, 2015 Some free downloads and the best $20 you'll spend this year is Lisa Ihm's Booklet on filling out Form 3115 with examples and an Excel template to use for your attachments: http://brasstax.com/3115%20Booklet.htm It's all available for instant download on her site above. 1 Quote Link to comment Share on other sites More sharing options...
jklcpa Posted April 13, 2015 Report Share Posted April 13, 2015 2011 return - sold rental and never took depreciation - so amending for it so I assume I should file a 3115 - so I can write it all off in 1 year - read the instructions and the list of accounting methods so I can put a code on the Simple Method lines Now I am stuck - please help - coming Monday and of course this needs to get mailed... what do I put or fill out to do this properly? any help would be appreciated to finalize the return - about $5,000 refund. Thank you I didn't think we were allowed to make the 481(a) adjustment in the final year, but someone posted in another thread about it and a rev proc that said we can. Here is that topic: '?do=embed' frameborder='0' data-embedContent>> You'll have to look at that Rev Proc 2011-14 to see if you think it applies. The pertinent sections are: Scope - Sec 4 .01, sec 4 .02 and especially sec 4 .02(5) and Terms and Condition of Change - Sec 5 .04(3)© for ceasing to engage in trade/business or terminating business, but please see the appendix reference. Sorry, I don't have a whole lot more time right now. I just finished inputting all the details for one last night. I thought was only 46 assets, turned out to be 59(!) and I still have to check all of that. When you say "what do I put or fill out to do this properly?" do you have a specific question on that form 3115? It's really hard to answer a question like that, or do you not know where to even start with that form? Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 13, 2015 Report Share Posted April 13, 2015 Extension! Quote Link to comment Share on other sites More sharing options...
michaelmars Posted April 13, 2015 Report Share Posted April 13, 2015 cant extend unless the original return was extended, SOL runs out 4/15 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 13, 2015 Report Share Posted April 13, 2015 Oh, bummer, forgot what was way up on OP. 2011. Well, do your best. Your software can compute what depreciation should be. I do follow Lisa's booklet re filling out the form. I know that the IRS does not have time to read all the 3115s they're getting this year, so don't stress over the form. Just get it in the mail and in the return and put the 481(a) adjustment on the E under other expenses. You're just trying to get that adjustment in the amendment to improve your client's tax situation. Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 14, 2015 Author Report Share Posted April 14, 2015 well I did order that book - wonder where I downloaded it too?! Quote Link to comment Share on other sites More sharing options...
michaelmars Posted April 14, 2015 Report Share Posted April 14, 2015 I have similar workbooks from other venders but for $20 I got this too. Thanks for the info about it. I have over 200 of these on extension, getting cost segs first., gonna be a looooonnnnnggggg summer. 1 Quote Link to comment Share on other sites More sharing options...
Lion EA Posted April 14, 2015 Report Share Posted April 14, 2015 Make sure you download her free Excel-based attachment for providing detail on each asset. Using the same format over and over does increase speed. Yep, I too have some on extension. Not big enough for cost segs. Rentals, where the adjustment is probably in the clients' favor and where the safe-harbor-type of audit protection is worth scrubbing their depreciation schedules, because these are DIY bookkeepers. 2 Quote Link to comment Share on other sites More sharing options...
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