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Self employed
So then, this new roof would not fall under the new law (Tax Cuts and Jobs Act of 2017) that states:
The new law also expands the definition of section 179 property to allow the taxpayer to elect to include the following improvements made to nonresidential real property after the date when the property was first placed in service:
- Qualified improvement property, which means any improvement to a building’s interior. However, improvements do not qualify if they are attributable to:
- the enlargement of the building,
- any elevator or escalator or
- the internal structural framework of the building.
- Roofs, HVAC, fire protection systems, alarm systems and security systems.
These changes apply to property placed in service in taxable years beginning after Dec. 31, 2017.
does my building that we lease out not fall under "nonresidential real property"?
March 17, 2020
9:04 AM