Sign Up For Novogradac Industry Alert Emails

IRS Guidance Allows Changes for QIP Placed in Service After Dec. 31, 2017

Friday, April 17, 2020 - 3:00PM

The Internal Revenue Service today released guidance allowing taxpayers to change depreciation for qualified improvement property (QIP) under Internal Revenue Code 168, based on changes from the Coronavirus Aid, Relief and Economic Security (CARES) Act. Revenue Procedure 2020-25 also allows a taxpayer to make a late election or withdraw an election for bonus depreciation of certain qualified property, including QIP. The guidance applies to any QIP placed in service after Dec. 31, 2017, and applies to taxable years ending in 2018, 2019 and 2020.

For community development, affordable housing and renewable energy updates related to COVID-19, see Novogradac’s dedicated page.

Learn more about Novogradac's expertise and many services