Question
Are there alternatives to section 179 depreciation for amended returns?
I am amending a return for my S corporation to include equipment that was not previously (or since) depreciated. It appears that section 179 election can only be made in the original filing or an amendment before the original (or extended) deadlines. Is there another way to have full depreciation in that year or must I depreciate over the full recovery period like usual (e.g. using 200 DB)?
6 months ago - 2 answers
Best Answer
Chosen by Asker
If you are amending your S-Corp 2008 tax return, then you should still be able to select Section 179 deduction for eligible property. You'll have until October 15th to do so for selecting Section 179 deduction. If you are amending any other prior years, then you are out of luck. You must now depreciate the property over the years.
by yourtabo
6 months ago
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Other Answers
I have not amended a corporate return. I would think you could still take it. But if what you are saying is correct, you might wait and claim the 179 deduction next year. It won't help last year's return. But you will not have to expense it over its life.
by Big Woof- 6 months ago