The depreciation period for commercial buildings and improvements is generally 39 years. During this period part of the cost can be depreciated each year. However, new tax breaks allow deductions to be taken more quickly are available for certain real estate investments. The Tax Cuts and Jobs Act (TCJA) has enhanced many of these new breaks and can lead to a bigger benefit when filing for your 2018 tax return. However, a drafting error in the TCJA has prevented the use of a couple of these breaks.
Learn about the most recent accounting and regulatory updates and their potential impact on clients, prospects and others: