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No other assets were added, and only prior year assets were depreciated in 2013. My question relates to being able to elect OUT of the bonus depreciation on the amended 2013 return... I see the rule that a missed election out can be made on an amended return if file within 6 months of original due date.
Only the business portion of the asset can be depreciated on your tax return. For example, if you use your car. 60% for business use, depreciation can be claimed on 60% of the cost. Return to top [5] If I owe money on an asset, can I still depreciate it? Yes, as long as you are responsible for making payments on the asset, you can take a depreciation deduction. Return to top [6] Can I claim depreciation on equipment that I rent or lease for my business?