Rev. Proc. 2021-28, page 5.

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA), enacted in December 2020, retroactively provides

Finding Lists begin on page ii.

a recovery period of 30 years under the alternative depreciation system in § 168(g) (ADS) for certain residential rental property, as defined in § 168(e)(2)(A) of the Code, placed in service before January 1, 2018, held by an electing real property trade or business as defined in § 163(j)(7)(B), and not previously subject to the ADS. This revenue procedure explains how a taxpayer changes its method of computing depreciation under § 168(g) for such property to comply with TCDTRA. This revenue procedure also modifies Rev. Proc. 2019-08, which provides guidance under § 168(g) related to certain property held by an electing real property trade or business. Finally, this revenue procedure modifies Rev. Proc. 2019-43, which provides the list of automatic changes in methods of accounting, to expand the applicability of automatic changes for a change in use of certain depreciable property.