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With regard to my post number 31380 – the IRA/MFS/Missed Recharacterization Debacle:

1. in 1998, my AGI was only $14K

I own a rental property (in my name only). I reported it in 1997, but failed to take depreciation on it for '97 and '98. I am meeting with my tax advisor today to remedy this situation.

I thought I may need to file form 3115 to correct this situation, having adopted “no depreciation” as an accounting method for two years in a row. Is this correct, or should I file an amended '97?

2. If I do file an amended 1997, claiming the depreciation, might this impact an amended '98? Might I be able to revisit '98 to find myself less than $10K AGI for '98?? Might I eliminate my Roth conversion problem?

I am unfamiliar of the impact of depreciation on my AGI, thus the question.

Hey!! I had a baby in Jan. '98!!!!! Stayed home for 10 months, then went & looked for a job!!!! I see deductions here!!!

My ignorance/neglect/lack of proactivity with regard to my financial situation totally embarrasses me, since I believe that I am ultimately responsible for the decisions I make. But hey, I'm learning. The growing pains of a fool to a Fool…
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