This is a good guide on what needs to be done from a forms perspective, though figuring out exactly how to do it in turbotax still will take some work.
https://www.wealthyaccountant.com/2021/09/20/form-3115-cost-segregation-study/
Well, if cost seg is done on the firs year, seems we just skip the 3115 and enter the various categories of depreciated property (like in the example above that says "The new depreciation schedule will look like this"), then use Bonus depreciation (80% for 2023) to immediately accelerate 80% of the depreciation for everything under 20 years recovery period.
For a property put into service in an older year:
- I have seen some accountants claiming that failing to claim bonus depreciation can be corrected by filing form 3115. So it seems to me that 3115 can be used but to split the depreciation classes and also to correct the failure to claim bonus depreciation in the first year of service.
