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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.
Claiming Depreciation. You can reap the tax benefits of depreciation by filing IRS Form 4562. This form helps you calculate how much of a depreciation deduction you can take each year for a given improvement or renovation. However, if the IRS deems your project to be a repair rather than an improvement, you can generally claim these expenses in the first year using Schedule E.