Plain Language of Changes:
- Overall limit is increased to $1 million and the investment limit is increased to $2.5 million for tax years beginning in 2018
- Limits are indexed for inflation
- Allowed for qualified improvement property; and improvements to nonresidential real property for roofs; heating, ventilation & air conditioning property; fire protection and alarm systems; and security systems
- Qualified improvement property is an improvement to an interior portion of a building that is nonresidential real property
- Allows section 179 expensing on property used predominantly to furnish lodging or in connection with the furnishing of lodging
- SUV limit remains at $25,000 but is indexed for inflation beginning in 2019
Cordasco & Company PC is a boutique CPA firm specializing in federal and state tax issues. We provide customized tax and accounting services specifically designed to help our clients capitalize on the rapidly changing tax and accounting environments.