Grant Cardone: new stimulus bill allows 1 year CAPEX depreciation

[Keran Smith]

As the tittle mentions, Grant Cardone stated today that the new:

1. Allows you to depreciate CAPEX done this year in one year on your tax return instead of the normal useful life+

2. Allows you to also amend prior tax returns to get this benefit.

I’ve looked at the CARES act and could not find this anywhere. Can anyone confirm or deny this?

[Natalie Kolodij]

Here's what he's referencing is my guess: 

In the TCJA lease hold improvement property was incorrectly written in as 39 year...when really it's 15. 

So our hands were tied as tax pros. 

Any property with a life under 20 qualifies for 1 year bonus depreciation, vs being depreciated over it's full life. 

So CARES corrected that. 

So any leasehold improvement property can now be corrected to 15 year, and have 100% Bonus deduciton applied