In a previous PLC article we discussed recent changes to the treatment of Qualified Improvement Property (“QIP”) as part of the CARES Act; most importantly that QIP placed in service in 2018 and after can now be considered 15-year Property and is eligible for 100%...
Under the Coronavirus Aid, Relief and Economic Security (‘CARES”) Act, Qualified Improvement Property (“QIP”) placed in service in 2018 and after can now be considered as 15-Year Property and is eligible for 100% bonus depreciation. QIP refers to interior improvements...
As reported in our December 2017 publication of Insights, the U.S. Senate proposed shortening the depreciation of long-lived real property from 27.5 & 39-year to 25-years, which was not outlined in the U.S. House of Representatives version of the “Tax Cuts and...
As part of the “Tax Cuts and Jobs Act”, the Senate is proposing shortening the depreciation of real property to 25-years. A shortening of the real property tax life from 27.5-years for commercial residential real estate and 39-years commercial non-residential real...
A Cost Segregation Study (“Study”) is often described as “a tax study to lower federal and state income taxes for newly constructed or acquired buildings and site improvements” or “the reclassification of real property from long-lived property to short-lived property...
A proper understanding of the depreciation of building components and site improvements of acquired properties is key to developing a qualified cost segregation study and limiting unwanted audit exposure. The IRS Cost Segregation Audit Techniques Guide (IRS Cost...
