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Leasehold Improvements


Corduroy Frog
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Trying to read IRS publications to figure out how to depreciate leasehold improvements.  Not having any luck.  Can anyone point me to a reputable source?

At some point I believed that Leasehold Improvements depreciate over 3 years or the term of the lease, whichever was longer.  Is there any better or more recent information than this?

Thanks in advance.

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54 minutes ago, Corduroy Frog said:

Trying to read IRS publications to figure out how to depreciate leasehold improvements.  Not having any luck.  Can anyone point me to a reputable source?

At some point I believed that Leasehold Improvements depreciate over 3 years or the term of the lease, whichever was longer.  Is there any better or more recent information than this?

Thanks in advance.

You need to take some CPE.

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I have taken courses  from the author of the AnswerConnect article. But neither the author nor AnswerConnect are authoritative sources for IRS purposes. If you're using CCH's AnswerConnect as one of your research tools, you can search for authoritative cites. But as Abby says, for understandable sites, you might want to start with other than the IRS.

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Parker Tax Research made it a matter of less than 3 minutes to find the attached pages 141-143 from the Joint Committee on Taxation's "General Explanation of Tax Legislation Enacted in 2015".
Basically, Regulations pertaining to IRC Sections 168(e)(3) and (6) lay it out.
(I don't know whether it's just me that takes longer to find the most authoritatiive answers via AnswerConnect.)

Lshld Imp lives.pdf

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