If the election is made, the term "section 179 property" will include any qualified real property which is: • Qualified improvement property as described in section 168(e)(6), and • The classification of qualified improvement property applies retroactively to taxable years beginning on or after January 1, 2018. Property eligible for bonus depreciation has historically been limited to machinery, equipment, and software. 115-97, as nonresidential real property, which does not qualify for bonus depreciation. The IRS issued procedures Friday for how taxpayers can take advantage of the recently enacted technical correction to the rules for qualified improvement property (QIP) (Rev. As a result, if persons amend their federal income tax return, they must amend their Wisconsin tax returns to recompute depreciation on the qualified improvement property. This bonus depreciation may be retroactively applied for those entities who placed qualified improvement property into service in the 2018 and 2019 taxable years and may create losses, which could result in tax refunds. Proc. 2020-25).Qualified improvement property was unintentionally classified, under the law known as the Tax Cuts and Jobs Act, P.L. See Election for certain qualified section 179 real property in Part I for information on how to make this election. section 179 property.
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