You may already know that the recently enacted Protecting Americans from Tax Hikes (PATH) Act provides 2016 tax breaks for existing categories of qualified nonresidential property, such as leasehold improvements, restaurant property, and retail improvements.
But inside this new law there’s a tax-saving nugget that many people overlook (not you, of course, because you are reading this article).
Last month we showed you the hot trick of deductions for “qualified leasehold improvement property” in the article Accelerated Tax Deductions for Qualified Leasehold Improvements.
The exciting news in this article is how you can benefit from improvements you make to commercial property that does not otherwise qualify for the tax benefit hat trick we explained last month. What’s even more exciting is how easy it is for you to qualify for this new but somewhat hidden tax break.
Don’t wait. You need to know about this new category of nonresidential property improvements, because the biggest breaks happen this year and in 2017. After 2019, even the littler breaks disappear.
Let’s examine how your nonresidential property such as offices, stores, warehouses, hotels, and motels (or ones you are thinking of buying) can qualify for this new tax break. ... Log in to view full article.