The Tax Cuts and Job Act was approved by Congress in December 2017.
Section 179 expands the definition of qualified real property eligible for full expensing to include improvements to nonresidential roofs.
What does this mean for you as an Owner/Landlord? You can immediately expense the cost of qualifying property rather than recovering such cost over multiple years through depreciation.
Section 179 and Jobs Act significantly expands the expensing limit maximum from $1 million to $2.5 million. Qualifying taxpayers may now elect to fully expense the cost of any improvement to nonresidential roofs beginning in 2018 and in future years including full reroofs, which may now be expensed in the year of purchase by anyone eligible under Section 179.