Income Tax Service For Small Businesses – Amounts paid to demolish a structure are not deductible as a current expense. They must be added to the cost basis of the land where the demolished structure was located. Any loss for the remaining undepreciated basis of the demolished structure is not recognized until the property is disposed of.
Need More Information?
Amare
Berhie, Enrolled Agent
Licensed
by the IRS
amare@abataxaccounting.com
651-300-4777
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