Ideas & Insights

The final regulations broaden the definition of real property compared to the more restrictive definition in the proposed regulations.

Procedures provide guidance for the retroactive expensing of qualified improvement property and reconsidering of elections.

Provides more time to elect out of 163(j) interest deduction limitation for taxpayers with certain real property or farming businesses.

Immediate and retroactive expensing of qualified improvement property creates tax saving opportunities for taxpayers.