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Correction to the 2015 Publication 946, How To Depreciate Property -- 22-AUG-2016

If you downloaded the 2015 revision of Publication 946 before August 23, 2016, please note the following.

Section 124 of the Protecting Americans from Tax Hikes (PATH) Act of 2015 (P.L. 114-113), extended the carryover of disallowed qualified section 179 real property deductions in 2014 to 2015.  However, any 2014 carryover amounts for qualified section 179 real property that are not deducted in 2015, plus any 2015 disallowed qualified section 179 real property deductions cannot be carried over to 2016. Instead these amounts are treated as property placed into service on the first day of 2015 for purposes of computing depreciation (including the special depreciation allowance, if applicable).

On page 21, under the “Special rules for qualified section 179 real property” section heading, the second sentence that read: “Any such 2014 carryover amounts that are not deducted in 2015, plus any 2015 disallowed section 179 expense deductions attributable to qualified real property, are carried over to 2016.” has been corrected to read as: “Any such 2014 carryover amounts that are not deducted in 2015, plus any 2015 disallowed section 179 expense deductions attributable to qualified real property, are not carried over to 2016.”

The corrected version of the 2015 Publication 946 is available for download.