Title: Qualified Improvement Property | Bloomberg Tax & Accounting
Headings: Qualified Improvement Property
Qualified Improvement Property
Last Updated Jan. 26, 2021
What is considered qualified improvement property?
Subscriber-only resource: OnPoint: Qualified Improvement Property
How does the CARES Act affect qualified improvement property?
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What is the bonus depreciation rate for QIP?
In Brief: Correcting the “Retail Glitch”
What tax opportunities are offered under the CARES Act by reclassification of QIP?
Subscriber-only resource: Portfolio 532-2nd: First-Year Expensing and Additional Depreciation
Key IRC Sections
§168
§179
Tax Research and Practice Tools
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Content: Qualified Improvement Property | Bloomberg Tax & Accounting
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Qualified Improvement Property
Last Updated Jan. 26, 2021
Qualified improvement property is an improvement made by the taxpayer to an interior portion of a nonresidential building if the improvement is placed in service after the building was first placed in service. Any enlargement of the building, any elevator or escalator, and any internal structural framework do not qualify. Qualified improvement property is depreciated using the straight-line depreciation method. Definition CARES Act Bonus Depreciation Tax Opportunities Resources
What is considered qualified improvement property? To qualify, the improvement must be: – Made by the taxpayer
– Made to an interior portion of a nonresidential (commercial, retail, factory) building
– Made to a building that is already in service
Exclusions include: – Building enlargements
– Elevators and escalators
– Internal structural framework
Subscriber-only resource: OnPoint: Qualified Improvement Property
Download this presentation to learn about the key takeaways from the CARES Act provisions related to qualified improvement property. How does the CARES Act affect qualified improvement property?