Bonus depreciation under the new Cares ACT / form #3115

[Baruch B]

I would be willing to pay someone who has experience with above topic
Thank you
Baruch

[TaxGuyBill]

This is for "Qualified Improvement Property", right?

When was it placed in service?
Has the 2019 tax return been filed yet?
Is there a tax advantage to using Form 3115 to the 2019 tax return versus amending the 2018 (and possibly the 2019) tax returns?

[mhcpa1964]

Does Form 3115 have to be utilized when amending the 2019 return for this change? I have a client with QIP purchased in 2019. Their 1065 was filed on time and now I'm amending it to take advantage of the accelerated and bonus depreciation. I wasn't planning on filing a 3115 primarily because the change is due to statutes in place then and now versus any other type of change.

[TaxGuyBill]

No, you don't need Form 3115 if you are amending.

[mhcpa1964]

Thanks TaxGuy