The alternative depreciation system recovery interval for nonresidential actual property continues to be forty years. However, TCJA changes the alternative depreciation system recovery period for residential rental property from 40 years to 30 years. Qualified leasehold enchancment property, qualified restaurant property and qualified retail improvement property are now not separately outlined and given a particular 15-yr restoration period underneath the brand new law. Changes to guidelines for expensing depreciable business assets A taxpayer can expense the cost of qualified property and deduct a maximum of $500,000, with a phaseout threshold of $2 million. The law now permits expensing for sure movie, television, and reside theatrical productions, and used certified property with certain restrictions.
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Bonus depreciation for gear, laptop software, and sure enhancements to nonresidential real property allows an immediate deduction of 50% … Read More