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- Do you own or lease non-residential (think commercial) real property?
- Do you use the property for your business, or rent non-residential real property to others?
If you do, the interior improvements you make to that property may be eligible for a tremendous tax break.
A truly tremendous tax break!
Get the full story in the full article.
IMPORTANT: To get your extremely valuable instant deduction, the improvements must fit into the category that the tax code calls “qualified improvement property” (QIP).
What exactly is Qualified Improvement Property (QIP)?
Ordinarily, non-residential real property is depreciated over 39 years. But Congress wanted to encourage business owners to improve their properties.
So, back in 2018, the Tax Cuts and Jobs Act (TCJA) established a new category of depreciable real property… QIP.
- QIP has a much shorter recovery period than regular commercial property.
- Even better, for tax years 2021 and 2022, QIP property can qualify for an instant, HUGE bonus depreciation deduction!
Want to find out what interior improvements or renovations are classified as eligible for a massive deduction under QIP?
I’ll give you all the details in the full article. All you have to do is…
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“A Huge Tax Break for Qualified Improvement Property” (QIP)