Are appliances assets? June 14, 2022 The IRS categorizes appliances as assets and provides set depreciation amounts depending on the appliance type and length of time. Real estate owners and…
What are considered improvements to rental property? June 14, 2022 When you include the fair market value of the property or services in your rental income, you can deduct that same amount as a…
How much have building materials increased 2021? June 14, 2022 Building materials prices increased 20.3% year over year and have risen 28.7% since January 2020. Over the past four months, the index has climbed…
What is qualified property for tax purposes? June 14, 2022 Qualified improvement property, which means any improvement to a building's interior. However, improvements do not qualify if they are attributable to: the enlargement of…
Can you take bonus depreciation on buildings? June 14, 2022 Businesses can now treat QIP placed in service after December 31, 2017, as 15-year property. It is eligible for bonus depreciation, allowing taxpayers to…
What qualifies as qualified improvement property? June 14, 2022 For example, if the retail space is placed in service before the rental space and an improvement is made during a year that the…
Can you take bonus depreciation on rental property assets? June 14, 2022 For bonus depreciation purposes, eligible property is in one of the classes described in ยง 168(k)(2): MACRS property with a recovery period of 20…
Is lumber still in short supply? June 14, 2022 "Lumber prices will settle once demand slows. We will see prices fall with better logistics, but because of logging the market will never be…
Does painting kitchen cabinets add value to your home? June 14, 2022 Question: Is kitchen cabinet painting a fad? Answer: No. Kitchen cabinets have been painted for over 100 years. Click to see full answer Should…
What colour kitchen sells a house? June 14, 2022 Magnet conducted a poll of 2,000 homeowners, asking them about their own colour choices, but also about what kitchen colours they perceive as the…