Repair v Capitalization Safe Harbors

[Kram BergGold]

Under the new regs There are 3 possible elections:
$200,$500,$5,000
$10,000
capitalizing building property that could be expensed.

It appears to me that one makes an election on a yearly basis. Therefore, an election in year 1 does not preclude doing something different in year 2. Is this correct?

[Bees Knees]

That is my understanding. Keep in mind, however, that the yearly election means attaching a statement to the return electing to expense an item, such as I elect to expense this $179 office chair rather than capitalize the cost under Reg. XXX...

[JON]

My understanding

the $5,000 is really only good for those with SEC filings or audited financials that establish that. If there is another method to get to it let me know. Does 3115 going back do any good. When does the 3115 have to be filed??

[ttbtaxes]

Election timing

Does anyone know whether the election can be made on an amended return or must it be made by the due date pf the return and that's it?

For example, if a taxpayer does not make the election in 2013 and, in an IRS audit of 2013 during 2015, could the taxpayer make the election to expense for items <$500 capitalized by the IRS?

[Kram BergGold]

Due date plus extension

Elections must be filed as part of the return by the due date plus extension. So no after the fact redo.