The sentence that surprises almost every building owner I talk to.
If you own a commercial building placed in service any time since 2006, and it qualifies for 179D, and you never claimed it, you can claim it now on your current return without amending anything.
That is not a loophole. It is a change in accounting method, and the IRS put 179D on the list of changes it pre-approves. Revenue Procedure 2012-39, designated change number 152. Your tax professional files Form 3115 with your return and the deduction lands on this year's return as one number.
One caveat: this route is for owners. Designers allocated the deduction by a school district amend instead.
From The Tax Strategy Playbook, episode 30: 179D after the deadline.
Full episode at taxstrategyplaybook.com
Free analysis on any building you own, no obligation:
calendly.com/david-wiener/cs or 770-224-8504, option two
#179D #Form3115 #CostSegregation #CommercialRealEstate #Shorts