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Bonus Depreciation Question - Poodlebrain
Posted on 9/8/15 at 3:08 pm
Posted on 9/8/15 at 3:08 pm
I know Congress extended it for 2014 and hasn't yet for 2015, what if you have a business with a year ending June 30? Do you get bonus for the first half of the year and not for the assets placed in service during the second half? Also, once Congress extends bonus (which I'm assuming would be well after the return deadline of Sept 15) are you required to amend it and take bonus for the entire fiscal year?
This post was edited on 9/8/15 at 3:08 pm
2
Posted on 9/8/15 at 8:04 pm to Ford Frenzy
The extension was for the calendar year, not tax year, therefore if the asset was placed in service in 2014, you can elect to take bonus depreciation. If it was placed in service in 2015, no deal.
If the asset was placed in service in 2015 and congress extends bonus depreciation to cover that year, I think your only option would be to file a 3115, change in accounting method. I'm not 100% on that last part.
Poodle will be along shortly to make a more eloquent and percise statement. ;)
If the asset was placed in service in 2015 and congress extends bonus depreciation to cover that year, I think your only option would be to file a 3115, change in accounting method. I'm not 100% on that last part.
Poodle will be along shortly to make a more eloquent and percise statement. ;)
This post was edited on 9/8/15 at 8:11 pm
Posted on 9/8/15 at 10:14 pm to Ford Frenzy
Depreciation is determined by the placed in service date. Any asset placed in service before January 1,2015 is eligible for the 50% bonus depreciation. So you would have a situation in which the bonus would apply for half of the year. If bonus depreciation is extended for 2015 after a fiscal year end tax return has been timely filed, then you should be able to amend the return, so long as you do so before you file a return for the tax year ended June 30, 2016, to claim the bonus depreciation for assets placed in service from January 1, 2015 through June 30,2015.
Posted on 9/9/15 at 8:51 am to Poodlebrain
I got it, thanks
So basically you have the option to take bonus for half of the year and the full year, assuming it gets extended through 2015...it's almost an advantage of having a June year end.
So basically you have the option to take bonus for half of the year and the full year, assuming it gets extended through 2015...it's almost an advantage of having a June year end.
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