Depreciation of qualified improvement property -Update

Technical topics regarding tax preparation.
#1
lucyko  
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In the current edition of Kiplinger Tax Letter it states that IRS won't administratively fix the glitch and change the depreciation rate for restaurant ,retail ,and leasehold improvements to the 15 year life in the final regulations . This apparently means no bonus depreciation for these type of assets .

The article states that IRS chose not to do so ,saying the ball is in Congress court to correct this by passing technical corrections. I don't think the odds are very good that congress will take up the issue this year as they currently have another focus .
 

#2
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lucyko wrote:I don't think the odds are very good that congress will take up the issue this year as they currently have another focus .


"another focus" -- yes they do. :D

You can still S179 qualified improvement property assuming trade or business and positive net taxable income to absorb the S179.
 


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