TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 5

Solved

bonus depreciation

Forum|Forum|5 years ago
March 9, 2021
1 reply
14 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.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

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.