I have a commercial building I lease out to a corporation. I just recently had a new roof put on it. My understanding is that since it is a non-residential property, it qualifies under the "Tax cuts and jobs act of 2017" for the section 179 deduction. When imputing this into turbo tax it is not allowing the full deduction for this year. Am I missing something?
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The roof does not qualify for 179 depreciation.
Business property purchases that may qualify for Section 179 deductions include:
Since the roof is part of the structure of the building you will need to take depreciation over several years.
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:
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"?
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