6/17/2021
Change of method for depreciation for certain residential rental property in the Dec. 2020 law
Revenue Procedure 2021-28: explains how a taxpayer changes its method of computing depreciation to comply with the 2020 change in law to retroactively provide a 30-year recovery period under the alternative depreciation system in section 168(g) for certain residential rental property placed in service before 2018 and held by an electing real property trade or business.
Revenue Procedure 2021-29: allows an eligible partnership to file an amended Form 1065, U.S. Return of Partnership Income, and furnish a corresponding Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., to each of its partners as an alternative option to filing an administrative adjustment request (AAR)
Revenue Procedures 2021-28 and 2021-29 will appear in IRB 2021-27, July 6, 2021.