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Net Operating Loss (NOL) Opportunities 

Deal with Qualified Improvement Property (QIP)

In the CARES Act, Congress finally corrected the error that it made in the TCJA in regard to depreciating QIP.

QIP is any improvement to the interior portion of a non-residential real property if you make the improvement after you place the building in service.

If you have any such property on your 2018 or 2019 return, it is reported as a 39-year property. You now can change it to 15-year property, making it eligible for bonus depreciation as well as Section 179 expensing. Doing so will allow you to expense the entire cost of the improvement in year 1 as opposed to depreciating it over a period of time.

Please contact me if you would like to discuss any of the strategies above. I look forward to hearing from you.