Address Your Qualified Improvement Property (QIP)
Qualified Improvement Property (QIP) refers to any improvements you make to the interior of a non-residential building you own, such as office buildings, retail spaces, or shopping centers, as long as the improvements are placed in service after the building's initial service date.
The key advantage of QIP is that it’s classified as 15-year property rather than 39-year real property, allowing you to take advantage of:
Immediate deductions through Section 179 expensing
60% bonus depreciation
MACRS depreciation
To claim the QIP deduction for 2024, ensure the QIP is placed in service no later than December 31, 2024.
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