Yes, you can deduct the roof.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 the building,any elevator or escalator orthe internal structural framework of the building.Roofs, HVAC, fire protection systems, alarm systems and security systems.These changes apply to property placed in service in taxable years beginning after Dec. 31, 2017 [Edited 2/17/2021|6:46PM EST]

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boca jerry

Employee

Question

I replaced roof on a commercial building. I can deduct all of cost under 179 rule. Turbotax says the net is the same. There should be a 65K deduction. Why?

Forum|Forum|5 years ago
February 12, 2021
1 reply
0 views

No text available

ColeenD3

Yes, you can deduct the roof.

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 the building,
any elevator or escalator or
the internal structural framework of the building.

Roofs, HVAC, fire protection systems, alarm systems and security systems.

These changes apply to property placed in service in taxable years beginning after Dec. 31, 2017

[Edited 2/17/2021|6:46PM EST]

boca jerryAuthor

Employee

I see several places that say:

The Tax Cut and Jobs Act makes all roof repairs expendable under section 179. According to the National Roofing Contractors Association, businesses can expense all roofing-related costs, including a roof replacement, rather than just expensing the latter’s depreciation over multiple years. Additionally, the amount that business owners can expense increased from $500,000 to $1 million, making capital expenditures more advantageous to undertake from a tax perspective. Because these changes are now in effect, building owners can write off any roof repairs they complete in 2018 in this year’s taxes, even a roof replacement.

Another that says:

Certain building improvements, such as Roofs, HVAC, fire protection systems, alarm systems and security systems. when discussing roof replacements on commercial builds.

Are you saying that none of this is true? Or that is does not apply to 2020?

boca jerryAuthor

Employee

I use Turbotax for Business for my 1065 Partnership return. I have been told by Turbotax that I cannot use Section 179 to "expense" the cost of the new roof because it is a rental building. I was told that I could use the Improvements Election. I cannot find any form for that in turbotax or on the Asset Entry Worksheet. Where is it?