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I just renovated my business office. Can this expense be used on my tax return?

I just renovated my business office. Can this expense be used on my tax return?
 
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Category : > Business Tax
Posted On : Fri Nov 26th,2010

 
I just renovated my business office. Can this expense be used on my tax return?
 

I just renovated my business office. Can this expense be used on my tax return?

Answer: Renovations relate to future years making them a capital expenditure. Capital expenditures can not be expensed immediately, but rather must be expensed over future years. The exemptions that allow other capital expenditures to be expensed immediately do not apply to renovations.

Example: A taxpayer spends $100,000 on office renovations. The taxpayer depreciates the renovation over the next 15 years


  


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