Real Estate and Construction Newsletter December 2015

As year-end approaches, many taxpayers have been focused on whether an extenders package will be passed to offer Section 179 and/or bonus depreciation relief.  However, before congress was able to act, the IRS sent taxpayers an early holiday surprise, increasing the de minimis safe harbor limit from $500 to $2,500 for taxpayers who don’t maintain an applicable financial statement (AFS).  For taxpayers with an AFS, the de minimis safe harbor maximum remains unchanged at $5,000.

Read more about the de minimis safe harbor, IRS Repair Regulations, and the latest news from Anders.