What is Qualified Leasehold Improvement Property Bonus depreciation is one method of accelerated depreciation, often called a “special depreciation allowance,” by the IRS. The IRS defines qualified Improvement Property (QIP) as any improvement made by the taxpayer to an interior portion of a nonresidential real property building. Such modification is placed in service after the...Read More
Common Cost Segregation Questions: Depreciation. The concept of depreciation is crucial to your cost segregation strategy. Even if your property isn’t decreasing in value, you could qualify for a deduction. Q. How does cost segregation affect depreciation to help lower my business’s property taxes? A. The concept of depreciation is crucial to your cost segregation...Read More
Some companies will try to save money by having cost segregation studies performed in-house by company employees rather than a professional in the industry. Unfortunately, this comes with a significant drawback—In-house studies are often viewed with more scrutiny by the IRS Boddie-Noell Enterprises, Inc. v. the United States[1] In 1996 Boddie-Noel Enterprises, Inc. sued the...Read More