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GOOD NEWS FOR RESTAURANTS AND RETAILERS!!
IRS says in new guidance meant to settle a long standing argument that these businesses are able to now deduct 75% of remodeling costs. Many eateries and stores remodel their premises every five to 10 years to keep up with trends and make the property look new and modern. At an audit, disputes would arise as to which costs of remodeling should be deducted immediately and which need to be capitalized and depreciated over time. Now, under a safe harbor, 75% of the remodeling cost can be written off as repairs and 25% are capitalized. See Rev.Proc 2015-56 for details including a list of qualifying remodeling activities. Comments are closed.
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AuthorSal Censoprano is a Certified Public Accountant (CPA) and tax practice owner for over 40 years. He was born and raised in Brooklyn, New York and earned his master’s degree in taxation. Archives
December 2020
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