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Posted by LoTax on April 18, 2007, 2:16 am
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> Hey fellow candle-burners,
>
> I've read about 3 reams of paper on this topic: Special
> Depreciation Allowance. =A0All of that reading and I don't
> know if I'm able to take the additional bonus depreciation.
>
> I'm filing my 2003 tax return - first filing, not an amended
> or corrected return. I can't find a statement that tells if
> a person can use this special depreciation allowance if
> they are filing late.
>
> Probably a real easy question for lots of you. =A0I'd sure
> appreciate a reply from one or two of you tax gurus.
>
> Thanks in advance.
>
> Cathy
>
> Moderator:
> This was crossposted (a rare exception) due to this
> being Tax Day. =A0Responses will not be crossposted.
> ALSO 2003 closed yesterday - no refunds will be
> issued on original returns.
>
> And remember that precedent means NOTHIHG to me.
I think 2002 closes *today* the 17th the fifteenth was a
Sunday and Monday was a legal holiday in the District of
Columbia. {And everything may be due on Thursday the 19th
in the Northeast for taxpayers "directly impacted" by the
"April 16 Storm."
The answer to the poster's question is on page three of the
From 4562 instructions, I think:
To make the election, check the box on line 18. You must
make the election on your return filed no later than the due
date (including extensions) for the tax year in which the
assets included in the general asset account were placed in
service. Once made, the election is irrevocable and applies
to the tax year for which the election is made and all later
tax years.
This would be October of 2004 at the latest.
Dick: Can you get this to Ckbeme today somehow?
Now, I think I *didn't* find the answer to the special bonus
depreciation; I clicked one-too-many-pages in the Form 4562
instructions. I hope Ckbeme gets either both or neither of
my replies...! Sorry for the confusion!
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