does hurrican ida provide for addl time to elect out of bonu

Technical topics regarding tax preparation.
#1
zl28  
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2067
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22-Apr-2014 10:27pm
Location:
usa
does hurrican ida provide additional time to elect out of bonus depreciation?

have a new york client.

he made 10k on sch c in 2020

haven't filed yet

was looking at taking 179 for his 40k in assets purchased

and using the carryover to defray his sch c in 2021 which will be net 130k in profits

Problem - he has like 15k in wages...and so that i believe those wages make me take more 179 that i don't even need

since in such a low bracket

Question: maybe i want to elect out of bonus depreciation since my 179 plan is not working - seems like my best option

If i don't file by 10-15 (he's in NYC - Hurricane Ida gives him addl time to file)

Will i be ok electing out of bonus depreciation if i file after 10-15 even though hurrican ida provides addl time?
 

#2
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1121
Joined:
12-May-2021 11:01am
Location:
Alabama
Yes, so long as you file by the special Ida due date, it should be considered a timely filed return, and therefore you'll be able to do things that you can do only on a timely filed return such as electing out of bonus depreciation.
 


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