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May 8, 2014
If you have made or are planning major renovations or upgrades to your commercial building such as HVAC, boilers, windows and doors, envelope and so on, the IRS could owe you a substantial tax deduction.
During the renovation you no doubt removed certain systems before replacing them with newer, more efficient ones. Because the major structural components, mentioned above, are typically depreciated over a 39-year term, there is a chance that the full 39 years was not met. With changes made to the IRS regulations called Tangible Property you can now go back and reclaim unrealized depreciation on these systems.
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