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I own an apartment building. In 2013, I had the plumbing re-piped at a cost of $33,525.00 I had to set up depreciation for 27,5 years. I took depreciation for 2013 in the amount of $559.00 and in 2014 for $1,219.00...a total of $1,778,00.
I heard that this year only the IRS will allow me to take extras deductions for renovations made to my property in prior years. Thanks to the new rules, the IRS may grant me a bonus current tax deduction of up to $32,000.00.
If my information is correct, what forms must I file to avail myself of this bonus current tax deduction?
I heard that this year only the IRS will allow me to take extras deductions for renovations made to my property in prior years. Thanks to the new rules, the IRS may grant me a bonus current tax deduction of up to $32,000.00.
If my information is correct, what forms must I file to avail myself of this bonus current tax deduction?