Definition:
Qualified Improvement Property (QIP)
Qualified Improvement Property refers to any improvement made by the taxpayer to the interior portion of a building that’s nonresidential real property (like office buildings, retail stores, and shopping centers.)
Can you believe it?
Congress screwed up… big time.
- What was the mistake they made that could cost you money?
- How did Congress clean up their mess?
- Why do you need to ACT NOW and correct your tax returns?
You’ll get straight answers to these questions and more when you read my new article titled Tax Tips: Quick Cash: COVID-19 CARES Act Creates Five-Year NOL Carryback.
It’s imperative that you deal promptly
with the issues raised in my new article. Don’t miss the
important information we’ve got waiting for you!
Three ways our fact-filled article can help you:
- We’ll explain how Congress messed up. It all started with a drafting error they made when they wrote the Tax Cuts and Jobs Act. The mistake unfortunately limited your ability to fully expense your QIP. The CARES Act fixed things retroactively, starting with the tax-year 2018. You’ll get all the details when you read the full article.
- We’ll tell you what the changes in the law mean to you. The QIP is now considered to be 15-year property and makes your QIP eligible for bonus depreciation retroactively. This change requires you to take a one-time, lump-sum bonus-depreciation deduction for the entire cost of your QIP (in the tax-year you placed the QIP in service, unless you opt out). If the QIP lump-sum-deduction creates a net operating loss, you can carry back the loss and get almost immediate cash—thanks to new COVID-19 legislation! You’ll get the whole story when you read the full article.
- We’ll provide a lot more important information too. Here’s just some of what we’ll cover:
- What to do if, back in 2018, you didn’t expense under Section 179
- (You’ve got four options!)
- How to handle QIP placed in service in 2019
- What you need to know how Section 179-issues impact your plan of action
- And much more!