I have a new Sched C client this year and am copying the assets from the depreciation schedule. However, according to my software, they should have been entitled to the 50% bonus depreciation which was not taken or any record of it being opted out of. Should I just figure the depreciation as if they got that (since they were entitled and ordering rules) when they did not?
-
-
If the bonus wasn't taken, it is likely they opted out. I didn't do bonus on a several clients for a variety of reasons. The return copy you got may not have contained the election. Don't cheat your client out of half of his depreciation! Besides changing depreciation is a change in accounting method, and you'd have to file a 3115.
Comment