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Tax Tip: New Tax Rules for Improving Commercial Property

New for 2016, the IRS added a new classification for building remodeling costs.  Qualified Improvement Property is defined as any improvement to an interior portion of a building that is nonresidential real property as long as the improvement is placed in service after the building was first placed in service by any taxpayer.  There are a few other excluded expenditures.  While this new classification of property is still depreciable over 39 years, it is eligible for 50% bonus depreciation if completed in 2016 or 2017.  This is a great incentive to get remodeling projects that you have been putting off done today.

Call the Ketel Thorstenson Tax Team with any questions, 605-342-5630.

Ketel Thorstenson, LLP

Ketel Thorstenson, LLP

Ketel Thorstenson, LLP, has over 60 CPA’s on staff and has been serving clients across the region since 1936. With offices in Rapid City, Spearfish, and Custer SD, the firm offers a variety of services including tax planning and return preparation, audit services, QuickBooks, bookkeeping, payroll, business valuation and estate planning.
Ketel Thorstenson, LLP

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