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We've invested a lot of money this past year in equipment and used a loan to take full advantage of the bonus depreciation deduction. We are a C Corporation that has limited after-tax profits now and are struggling. We're wondering how we can undo the bonus depreciation election if the supplier of the equipment allows us to return the property and we can get out of the loan by only paying a minor penalty?


Expert Joseph Caplan's Answer:

You will have to amend your tax return and pay the tax if the difference in depreciation yields a profit.

Joseph Caplan, CPA

New York

9 yrs experience

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14 Ans.