Hello all, I hope everyone is making it through this crazy tax season!
Quick question, client placed QIP in service during 2019 and they elected out of Bonus Depreciation for that year. The QIP qualified as 15 year property; can I make a "late" election on the 2020 return to claim the Bonus Depreciation that wasn't claimed on the 2019 return? Or, am I stuck with amending 2019?
I spotted this in Rev Proc 2020-50, which gives me some hope, but I want to make sure I am applying it correctly. And, does anyone know offhand the DCNs for this change? THANK YOU!!!
From Rev Proc 2020-50
"A taxpayer that wishes to make a late election or revoke an election, as applicable, may either:
File an amended federal income tax return, amended Form 1065 or AAR by Dec. 31, 2021 (but not after the applicable period of limitations on assessment)
***Attach a Form 3115 to an originally filed return for the first or second taxable year succeeding the taxable year in which the affected assets were placed in service (or, if later, on a tax return that is timely filed between Nov. 6, 2020, and Dec. 31, 2021)."