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Question

Capitalizing Expenses

Forum|Forum|1 year ago
December 10, 2024
2 replies
0 views

Capitalizing expenses on unimproved property: can this be done with an amended return for previous years?

Employee

No text available

Employee

There is also the problem of the 2017 tax reform law. Up to 2017, you could choose to capitalize expenses that otherwise would have been deductible as schedule A miscellaneous itemized deductions subject to the 2% rule. After 2018, the 2% miscellaneous itemized deduction was eliminated. So there is a strong argument that capitalization is also no longer allowed (for 2018-2025, unless the law is extended.)

Employee