Changing to ADS Recovery Period for Residential Rental Property with a 163(j) Election

04/23/2021

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

KBKG Tax Insight: Qualified Improvement Property (QIP) Technical Correction in CARES Act

03/31/2020

For the most up-to-date information on Qualified Improvement Property, see our latest post. With the passage of the CARES Act on Friday, March 27, 2020, Congress addressed the much anticipated “Retail Glitch” associated with the 2017 Tax Cuts and Jobs Act (TCJA). This rule previously prevented investments in qualified improvement property (QIP) from qualifying for … Read More

Evaluating a Cost Segregation Provider? Consider Someone with the ASCSP Certification

07/23/2019

Are you considering a cost segregation study? As you begin to evaluate potential service providers, it’s important to remember that there are significant differences among cost segregation advisors in the marketplace. Sometimes taxpayers are not immediately aware of how those differences may impact their experience from start to finish. The American Society of Cost Segregation … Read More

KBKG Tax Insight: Updates to “Qualified Improvement Property”

11/09/2018

For the most up-to-date information on Qualified Improvement Property, see our latest post. With the 2017 tax year behind us, tax professionals are laser focused on the various new rules presented by the recent Tax Cuts and Jobs Act (TCJA) effective for the 2018 tax year. One of the most significant changes related to real … Read More

Partial Disposition Election for Buildings Being Targeted by IRS

06/18/2018

Recently, the IRS Large Business and International division highlighted five issues that it will be targeting in its “compliance campaign” audit strategy this year. One of the issues on its radar is the partial disposition election for buildings and its structural components. Treasury Regulations provide guidelines for recognizing gain or loss on the disposition of … Read More