Quote:
Originally Posted by Frequitude
Ahhh, very cool. Depreciation can only bring you to "net zero" hey? What if, say, I made rental income the last 2 years but none this year. Could I go back and apply the depreciation to the past (noting that I forgot to claim it these past couple years)?
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*I THINK* (noting that I'm not an accountant) that you can actually re-file your taxes for a prior year, and change stuff like that. So if you paid taxes on rental income but forgot to deduct depreciation, I believe you can re-file the taxes with that corrected, and get a refund. I've never personally done that, so please do adequate research.