William Kastin P.C., Bahar Schippel P.C. In general, improvements to non-residential real property have a 39-year depreciation recovery period. Prior to the TCJA, an additional first year bonus ...

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Depreciation is the loss in value that naturally occurs as an object is put to use or ages. The total depreciated value of an item is the value of that item once you take depreciation into ...

`Better late than never” seems to be the IRS motto. — Taxpayers who purchased depreciable property such as rental houses, apartments, offices, and commercial buildings after May 8, 1985, need the new, ...

Recently, I received a call from a CPA firm whose client had incorrectly handled a retroactive cost segregation study. In this case, their team did not realize they had to file a Form 3115 in order to ...

In a bid to incentivize the development of affordable housing, New Jersey has implemented a significant policy change. Effective from the tax year beginning on January 1, 2025, the state now offers ...

Bloomberg BNA released an update of its BNA Fixed Assets Web software, version 2015.0, to help customers comply with the recently passed Tax Increase Prevention Act of 2014. The update addresses the ...

Bought a rental house in 2011 and would like to use the cost of my inspection report to reduce the basis. Is this allowed? I cannot find anywhere on the forms to put this. I'm assuming this should be ...