Form 3115 - any hope for a non-professional?

Question

I am a small landlord (total gross under $200K). I do my own taxes every year.

I am trying to wrap my head around the changes this year for rental property. In particular, I have read that a form 3115 should be (needs to be?) filed for each property to properly re-characterize some things going forward.

Does anybody have any resources to help me through this? It seems needlessly complicated.

Or this this stuff too complicated for a non-professional, and I should seek a qualified person to at least get me past this year.

Thanks.

Mark Bole · Accepted Answer

property. In particular, I have read that a form 3115 should be (needs to be?) filed for each property to properly re-characterize some things going forward.

needlessly complicated.

should seek a qualified person to at least get me past this year.

-----------------

Due to major outcry by tax professional community, there is some relief, as of today.

Here is an excerpt from Natl Assoc of Tax Professionals:

"Today the IRS made it easier for small business owners to comply with the final tangible property regulations by creating a simplified procedure for adopting the final repair regs beginning with the 2014 return taxpayers are filling now. The new Revenue Procedure 2015-20 allows small businesses to change a method of accounting under the final tangible property regulations on a prospective basis for the first taxable year beginning on or after January 1, 2014.

"Also, the IRS is waiving the requirement to complete and file a Form

3115 for small business taxpayers that choose to use this simplified procedure for 2014. This means that many small taxpayers can forgo filing Form 3115 and adopt the repair regulations on a prospective basis. The IRS states, however, that the taxpayer does not receive audit protection for prior years. "

Form 3115 - any hope for a non-professional?

Join the Discussion

Didn't find your answer?