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DanielleCPA
DanielleCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 789
Experience:  Years of Experience in Business & Personal Taxes
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The yr 2011 has some kind of tax credit benefit which allows

Customer Question

The yr 2011 has some kind of tax credit benefit which allows a 100% depreciation claim of the costs of a commercial/agricultural building to be built or remodeled instead of having to do it over a number of years. Can you tell me what it is called and where to find it please?
Submitted: 5 years ago.
Category: Tax
Expert:  DanielleCPA replied 5 years ago.

DMC :

Hi and welcome to Just Answer! I'm happy to help with your tax questions. Feel free to interject at any time if you need clarification.

DMC :

There are a couple of provisions which you may be referring to - but none will allow to deduct 100% of all the costs associated with remodeling or building a building, but I will address the options that are available to you.

DMC :

The first option is Section 179d - which allows you to expense immediately (instead of depreciating over a number of years) energy efficient building property.

DMC :

To qualify for expensing under Section 179d - three conditions must be met:
1)The property must be installed in or on a building in the U.S.
2) the property must be part of interior lighting, HVAC, or hot water systems
3)the property reduces total energy usage (of similar buildings if a new building) by 50% or more as certified by a qualifying invididual

DMC :

The maximum section 179d deduction is $1.80 per square foot.

DMC :

In 2011, you are also allowed to deduct the full cost of certain leasehold improvement property, qualified restaurant property, or qualified retail improvements. Generally, improvements to interiors of building (of areas rented by a lessee -cannot be common areas) qualify as leasehold improvement property in non-owner occupied buildings. Qualified restaurant is property where at least 50% is devoted to the preparation and seating for meals.

DMC :

Please let me know if this is not what you are referring to or if you have any follow-up questions and I will gladly answer them. If not, then please hit the green accept button to indicate I answered your question.