Discussion:Commercial building 25-year property?
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| Revision as of 21:50, 15 April 2007 Glmpllc (Talk | contribs) (sounds like they) ← Previous diff |
Revision as of 18:24, 22 July 2009 Chase (Talk | contribs) (Sanity check --) Next diff → |
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| my order of preference is 2, 1, 3...but that's just me, others probably have differeing opinions}} | my order of preference is 2, 1, 3...but that's just me, others probably have differeing opinions}} | ||
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| + | {{ForumReplyPost|UserID=Chase|Date=22 July 2009|Text=Sanity check -- if the depreciation in my client's case was calculated incorrectly for only 1 year, i.e. 2007, then we can file a 1040X instead of 3115, right? In my client's case, the commercial condo was depreciated over 27.5 years rather than 39.}} | ||
Revision as of 18:24, 22 July 2009
Discussion Forum Index --> Tax Questions --> Commercial building 25-year property?
| 15 April 2007 | |
| Just got a new client, General Partnership operating a Real Estate office. On the previous tax returns, they have listed on Form 4562 the comml building the partnership owns and operates their office in as 25-year property, S/L. Shouldn't it be Nonresidential Real Property 39yrs, S/L? Or am I missing something? | |
| 15 April 2007 | |
| sounds like they have elected an incorrect life for the asset...s/b 39 years...you have options...
1)amend p/y returns; 2)file 3115 to correct for over dep'n (if avialable); 3)do nothing, as i believe the TP has elected a method of accounting (albeit incorrect) my order of preference is 2, 1, 3...but that's just me, others probably have differeing opinions | |
| 22 July 2009 | |
| Sanity check -- if the depreciation in my client's case was calculated incorrectly for only 1 year, i.e. 2007, then we can file a 1040X instead of 3115, right? In my client's case, the commercial condo was depreciated over 27.5 years rather than 39. | |
