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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.
Depreciation Recapture Taxes. The IRS also makes you pay back your depreciation in the form of Section 1250 depreciation recapture taxes. If you sold your property for more than the depreciated value, simply add up all of the depreciation you claimed over the period of your ownership, and pay 25 percent of it as tax.