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Level 5

Solved

bonus depreciation

Forum|Forum|5 years ago
March 9, 2021
1 reply
17 views

I have two purchases for a rental room in my house that I depreciated using Section 179 in 2019 and that were carried over to 2020 because of a loss on the rental in 2019. I also have a loss in 2020 on this rental. Can these carryovers be converted to bonus depreciation items in 2020 because of recent changes in the tax law?

Best answer by MaryK4

Yes, you can revoke the 179 by filing an amended return. For the bonus depreciation, IF you elected out in 2019 you cannot revoke the election without IRS consent. If you did not make the election, you can apply it on the amended return.

MaryK4Answer

Level 15

Yes, you can revoke the 179 by filing an amended return. For the bonus depreciation, IF you elected out in 2019 you cannot revoke the election without IRS consent. If you did not make the election, you can apply it on the amended return.

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Level 5

Thanks for your response. Will amending my 2019 return have ramifications for how I prepare my 2020 return for similar items which I purchased in 2020?

Level 9

No, the items that you purchased in 2020 won't be affected by the amendment in 2019.