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karlm
New Member

Depreciation De Minimis Safe Harbor Election.

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.

2 Replies
DoninGA
Level 15

Depreciation De Minimis Safe Harbor Election.

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
Level 15

Depreciation De Minimis Safe Harbor Election.

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...

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