Discussion:Business improvement. Depreciate or Amortize?
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Discussion Forum Index --> Tax Questions --> Business improvement. Depreciate or Amortize?
| 15 April 2007 | |
| Hello, somebody out there help me on a question, please!
Q: A client spent about $69,000 on expanding and remodeling his business shop during 2006. He rents the shop, not own. How do I deduct this cost? Can I use SL depreciatiion or amortization? And How long 5,10 years? I am trying to complete a tax return but stuck on an expenditure. Your suggestion/input is GREATLY appreciated. Thanks so much... can't wait for the tax reason is over!!! | |
| 15 April 2007 | |
| I disagree...See Treas. Reg. 1.167(a)-4....and IRC Sec. 168(e)(3)(iv) | |
| 15 April 2007 | |
| GLM, what makes you think the improvements won't be useful beyond the lease? | |
| 16 April 2007 | |
| Thank you for your input.
I see both Kevinh5 & GLM points, and read briefly about the Reg. & Sec 168...but if NOT using one of methods to depreciate it over the years, can I use sec 179 deduction?--since my client needs lots of deductions to reduce his tax due. Thanks a bunch! | |
| 16 April 2007 | |
| Can someone help me, please!!!
I want to use sec 179 to deduct business improvements $69K(expand & remodel) for a client. Can it be done? By now, my mind seemed not to retain much tax law...ready for a vacation :). Thanks! | |
