Qualified Leasehold Improvement Property

Qualified Leasehold Improvement Property. Qualified Improvement Property (QIP) accelerates significant deductions to enhance cash flow for taxpayers who are improving and/or renovating an existing building. Qualified improvement property is an improvement made by the taxpayer to an interior portion of a nonresidential building if the improvement is placed in service after the building was first placed in service.

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Such modification is placed in service after the date such a building was first placed in service. Using half-year, mid-quarter, and directionated convention in the MACRS method makes sense. The rules for each category of qualified improvements have changed several times over the last decade making it difficult for tax professionals to keep track.

Qualified leasehold improvements are tax-deductible changes to the insides of leased, nonresidential property.

Note that repairs related to ordinary "wear-and-tear" are not treated as leasehold improvements.

What is Qualified Leasehold Improvement Property?

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Suppose a tenant improved a leased office space immediately after moving in at the start of a ten-year lease. The QIP definition is a tax classification of assets that generally includes interior, non-structural improvements to nonresidential buildings placed-in-service after the buildings. Leasehold Improvement can be described as the changes that are made to the leased or rental property in order to ensure that it is best suited for the purposes of the tenant.

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Donald Gearhart

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