Depreciation De Minimis Safe Harbor Election.

[karlm]

How do I amend my 2020 tax return so that I can use the De Minimis Safe Harbor Election instead of the depreciation that I took?

I took 5 year depreciation on 2020 tax return and now want to amend the return and take the De Minimis Safe Harbor Election instead.

[DoninGA]

You normally must file IRS Form 3115, Application for Change in Accounting Method, before switching the depreciation method you apply to a fixed asset. You must include a justification for your action and any supporting documents.

You should seek out a local tax professional to assist you in changing your depreciation method, it is not recommended that you do this without professional assistance.

[tagteam]

The de minimis safe harbor election must be made with a timely filed original federal tax return including any extension for the taxable year in which the amounts subject to the election are paid.

See https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#Wh...