All Forum Posts by: Victor Omoniyi

 It depends ;)

We discussed it for each client that would have bonus depreciation, and generally it fell into a few different camps:

1) We always extend anyways, so we don't care if we wait

2) We normally file on time, and the amount of bonus depreciation difference is relatively immaterial, so let's not waste time and fees to extend and have to provide estimates to members - typically this was with less than a few hundred thousand of bonus

3) We have too many investors, we aren't going to delay them, we'll file with the 80%

4) The bonus depreciation is material enough to us that it is worth it to us to wait. This was actually the great minority.

@Victor Omoniyi Yes, as long as you file an amended return. Here's an article with additional FAQs on cost segregation studies that you may find helpful. Feel free to reach out if you have any questions!

https://www.biggerpockets.com/forums/51/topics/1113749-cost-segregation-faq
Thanks, Julio. Is the amended return the same as the form 3115?

Yes, I believe you can. You would just need to file an amended return for the year you bought the property to claim the depreciation you didn't originally take. 

Yes, if you didn't take bonus depreciation for the property placed in service in 2023, you can claim bonus depreciation on your 2024 taxes, provided the property still qualifies. Bonus depreciation allows you to deduct a significant portion of the cost of qualifying property in the year it's placed in service. If you didn't claim it in the year the property was placed in service, you can elect to claim it in a subsequent year, as long as the property meets the requirements for bonus depreciation in that year. Make sure your tax professional is real estate focused so they can do this properly!