Quote:
Originally Posted by melpetezrinski
"IF" you depreciated? Hopefully, the OP did, otherwise, they will be back on TOTV asking why the IRS wants to recapture all the depreciation expense even if they didn't take advantage of this tax saving expense.
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I do believe the IRS code says you MUST treat the depreciation as ordinary income, even if you DID NOT TAKE IT. If that be the case, you might want to amend previous returns. Also, as I recall, there is a 3-year look-back period to get (additional) refunds, after that it is gone.
Depending on the total $ involved, I would recommend a Enrolled Agent more than a CPA.