New England Roofing & Waterproofing LLC

07/04/2020

05/06/2019

Commercial Building Owners: Expense the entire cost of your new roof!

05/06/2019

Expensing Rules for Roofs Under the Tax Cuts and Jobs Act

Dear Commercial Building Owners,

Great News! The Tax Cuts and Jobs Act approved by Congress in December 2017 expands the definition of qualified real property eligible for full expensing under Section 179 of the tax code to include improvements to nonresidential roofs. Following is more information about Section 179 and the provision to add nonresidential roofs as qualifying property as of Jan. 1, 2018. This information will help you determine if your company is eligible for this preferential tax treatment of improvements to your nonresidential roof.

Section 179

Section 179 allows taxpayers to immediately expense the cost of qualifying property rather than recovering such costs over multiple years through depreciation. The Tax Cuts and Jobs Act significantly expands the expensing limits under Section 179, with the maximum amount a business may expense now set at $1 million and the phase-out threshold increasing to $2.5 million. These new limits are effective for qualifying property placed in service in taxable years beginning after Dec. 31, 2017, and the amounts will be indexed for inflation starting in 2019. Starting in 2019, the new maximum amount a business may expense increases to $1.02 million with the phase-out threshold increasing to $2.55 million.

Addition of Roofs as Qualifying Property

The Tax Cuts and Jobs Act expands the definition of qualified real property eligible for Section 179. As of Jan. 1, 2018, qualifying property for Section 179 includes "improvements to nonresidential real property placed in service after the date such property was first placed in service: roofs; heating, ventilation, and air-conditioning property; fire protection and alarm systems; and security systems."

Given these changes to Section 179 by the new tax law, qualifying taxpayers may now elect to fully expense the cost of any improvements to nonresidential roofs beginning in 2018 and in future years. Essentially, any improvements to nonresidential roofs, including full reroofs of existing buildings, may now be expensed in the year of purchase by any taxpayer eligible to deduct expenses under Section 179.

Please contact us (or contact your tax professional) if you have questions regarding how your company can take advantage of this more favorable tax treatment for improvements to nonresidential roofs under the Tax Cuts and Jobs Act.

12/25/2018

Wishing all a Happy and Safe Holiday Season.
Merry Christmas!🎄🎁

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