New Stimulus Allows Faster Depreciation of Certain Residential Rental Property Held by Electing Real Property Trades or Businesses
By EsqSocial Corporation 26/01/21
The stimulus package passed last month may help certain Electing Real Property Businesses by including a provision that allows a shorter depreciation period for residential rental property acquired prior to January 1, 2018. Background - The Tax Cuts and Jobs Act (TCJA), enacted on December 22, 2017, permitted certain businesses that are electing real property trades or businesses under the Internal Revenue Code to make an election not to be subject to the business interest expense limitation...
By: Gould & Ratner LLP