Announcement

Collapse
No announcement yet.

Bonus depreciation under the new Cares ACT / form #3115

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Bonus depreciation under the new Cares ACT / form #3115

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

    #2
    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?

    Comment


      #3
      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.

      Comment


        #4
        No, you don't need Form 3115 if you are amending.

        Comment


          #5
          Thanks TaxGuy

          Comment

          Working...
          X