Discussion:Go zone act
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| Revision as of 20:25, 13 October 2006 Taxguy1024 (Talk | contribs) (If the building) ← Previous diff |
Revision as of 18:23, 1 November 2006 Lois (Talk | contribs) (How is the 50% b) Next diff → |
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| {{ForumReplyPost|UserID=Taxguy1024|Date=13 October 2006|Text=If the building was occupied for ANY use prior to August 28, 2005, then no....you will NOT be able to take the 50% bonus depreciation on the cost of the building. You WILL be able to take the bonus depreciation on the new building being constructed (or reconstructed). The cost of the building that you now occupy in Baton Rouge will NOT qualify....but the cost of any improvements that you make to the building WILL qualify for the bonus depreciation.}} | {{ForumReplyPost|UserID=Taxguy1024|Date=13 October 2006|Text=If the building was occupied for ANY use prior to August 28, 2005, then no....you will NOT be able to take the 50% bonus depreciation on the cost of the building. You WILL be able to take the bonus depreciation on the new building being constructed (or reconstructed). The cost of the building that you now occupy in Baton Rouge will NOT qualify....but the cost of any improvements that you make to the building WILL qualify for the bonus depreciation.}} | ||
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| + | {{ForumReplyPost|UserID=Lois|Date=1 November 2006|Text=How is the 50% bonus depreciation taken on a new acquired rental property in a Go-Zone area? Would 50% of the house value be depreciated in year 1?}} | ||
Revision as of 18:23, 1 November 2006
Discussion Forum Index --> Tax Questions --> Go zone act
Coolio2004 (talk|edits) said: | 13 October 2006 |
| I am interested in purchasing a building in New Orleans. It was not heavily damaged. I need a building for my business while the other building is being rebuilt. Would we get the 50% depreciation on the purchase price in 2007 when we take occupancy? Will this preclude us from getting 50% on the building costs for the new building we hope to occupy in 2008? The 2007 building will either be sold or turned into commmercial rental space. Also we have a location in Baton Rouge. I am interested in buying a building-we are currently renting. Would we get the 50% depreciation on purchase price for this building as well as any capital improvements? I know BR is in GO Zone just wasn't sure about buying existing buildings and making general capital improvements? | |
Taxguy1024 (talk|edits) said: | 13 October 2006 |
| If the building was occupied for ANY use prior to August 28, 2005, then no....you will NOT be able to take the 50% bonus depreciation on the cost of the building. You WILL be able to take the bonus depreciation on the new building being constructed (or reconstructed). The cost of the building that you now occupy in Baton Rouge will NOT qualify....but the cost of any improvements that you make to the building WILL qualify for the bonus depreciation. | |
| 1 November 2006 | |
| How is the 50% bonus depreciation taken on a new acquired rental property in a Go-Zone area? Would 50% of the house value be depreciated in year 1? | |
