Q. We want to buy our business building. Can we write off most of the cost if we complete the deal by Dec. 31? A.G., Indianapolis
A. No. Under the new small business law provisions for, you can deduct up to $250,000 of the cost of qualified real property placed in service in 2010. However, this enhanced applies only to qualified leasehold improvements, qualified restaurant property, and qualified retail improvement property. Generally, you still must depreciate the cost of buying an existing building over a 39-year period.
Tip: The maximum $250,000 deduction also applies to qualified real property placed in service in 2011. The real estate write-off reduces the $500,000 deduction amount available for other qualified purchases.
Like what you've read? ...Republish it and share great business tips!
Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...
We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.
The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.
" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/12914/locked-out-of-new-section-179-break "