IRS Form 3115

[Melanie Baldridge]

What a lot of people think:

Bonus depreciation is only for new properties or acquisitions.

The truth:

You can retroactively apply bonus depreciation to property placed in service after September 27, 2017, when the Tax Cuts and Jobs Act passed changing various rules.

The IRS allows you to claim missed depreciation deductions by adjusting your current year's tax return, without needing to amend the previous year's returns.

This is typically done through a change in accounting method using IRS Form 3115.