Bonus Depreciation

[rcipullo]

Can I change from Bonus Depreciation to Regular MACRS Depreciation by filing an amended return for a 2021 tax return ? 

Is a form 3115 Required ? 

[TaxGuyBill]

Yes.  Just amend, no Form 3115 is required.

[rcipullo]

TaxGuyBill,

Thanks for your response, cant seem to find any IRS authority on this, do you kow of any. Current notices seem to apply to 2017, 18,19 and is confusing to say the least. Have you done this ?

[sjrcpa]

I thought you need to elect out of bonus depreciation on a timely filed return.

[rcipullo]

Can I elect out on a amended return and is that allowed ?

[sjrcpa]

I don't think so. You could on a superseding return if that's an option.

[TaxGuyBill]

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@sjrcpa wrote:

I thought you need to elect out of bonus depreciation on a timely filed return.

---

Yep, you are right.

However, you get the extra 6 months from the 9100 statement.

When to make election.

Generally, you must make the election on a timely filed tax return (including extensions) for the year in which you place the property in service.

However, if you timely filed your return for the year without making the election, you can still make the election by filing an amended return within 6 months of the due date of the original return (not including extensions). Attach the election statement to the amended return. On the amended return, write “Filed pursuant to section 301.9100-2.”

https://www.irs.gov/publications/p946#en_US_2020_publink1000299557

[sjrcpa]

Thanks for looking that up Bill.