Acquiring or constructing a gas station with a convenience store (“C-store”) can be a lucrative addition to a real estate portfolio. Current rules allow investors to immediately write off all the improvements if certain requirements are met, and the property is placed in service after September 27, 2017. This went into effect after the Tax … Read More
Governor Kim Reynolds recently signed into law Senate File 619 relating to a multitude of state and local tax issues. Included within this law is the retroactive applicability of Federal Bonus Depreciation rules for qualified assets placed into service on or after January 1, 2021. Additionally, the State of Iowa will remain decoupled from the … Read More
Overview Treasury and the IRS are contemplating additional procedural guidance that will assist taxpayers with compliance related to the ADS recovery period change for residential rental property. This is required under the Tax Cuts and Jobs Act (TCJA) when Real Property Trades or Businesses (RPTOBs) make the election under 163(j) to avoid interest expect limitations. … Read More
The Qualified Improvements Quick Reference Chart is KBKG’s most sought-after resource by CPAs across the nation. We have updated the chart to reflect recent changes. Qualified Improvement Property (QIP) is defined as any improvement made by the taxpayer to an interior portion of a building that is nonresidential real property as long as the improvement … Read More
On September 21, 2020, the IRS and Treasury Department finalized the last set of final regulations related to bonus depreciation. The originally proposed versions of these regulations were issued on September 24, 2019. The changes made were primarily in response to feedback submitted by tax preparers. Following are a few highlights. Qualified Improvement Property: On … Read More