FYI: Qualified Real Property Info.
Since the release of the latest version of CMI Fixed Assets, we have had a few questions related to "Qualified Real Property".
One of the effects of the Small Business Jobs Act of 2010 is that you may now elect up to $250,000 of qualified real property as Section 179 property for tax years beginning in 2010 and 2011 as long as that property is placed in service in these two years.
Qualified real property as defined within the tax code is, 1) qualified leasehold improvement property (Section 168(k)(3)), 2) qualified restaurant property (Section 168(e)(7)), and 3) qualified retail improvement property (Section 168(e)(8)).
If you have a question as to whether or not your assets are considered qualified real property, please consult with your accountant. They will be able to help you access your property's qualifications.
Again, just to clarify, the maximum amount of the $500,000 deduction limitation that may be elected for qualified real property is $250,000.
For technical support please feel free to contact us at 1-800-678-3658.