Submitted By: someone
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 (

Tax Glossary

Tangible personal property

Movable property, such as desks, computers, machinery, and autos, depreciable over a five-year or seven-year period.

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