2009 Client purchase house, rented it to individual who lived in the house and ran a restaurant in part of it. Could that property have been "qualified restaurant property" and depreciated for 15 years, and then qualify for the 50% special allow?
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TTB, page 9-18 says qualified restaurant property is property where more than 50% of the building's square footage must be devoted to preparation of, and seating for, on-premises consumption of prepared meals.
That would eliminate catering services or take-out services where there is no seating for customers to sit down and eat the meal at the restaurant. It also eliminates buildings where 50% or more of the square footage is used for something other than the restaurant, such as the taxpayer's residence or home office. -
thanks for finding that for me, but the last sentence says it does not quality for special deprec allow. So, if over 50% - 15 yr SL onlyComment
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