Leasehold Improvement

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • NotEasy
    Senior Member
    • Mar 2007
    • 374
    #1

    Leasehold Improvement

    Client bought a business in 2012. $5,000 of the purchase price was allocated to leasehold improvement. He took over the lease from the seller so there was also 1 year of lease remaining. How many years would you depreciate the leasehold improvement over?
    Tags: None
    • Roberts
      Senior Member
      • Sep 2005
      • 807
      #2
      I'm not understanding the question but typically leasehold improvements are depreciated for the life of the lease or the life of the improvement - whichever is shorter.

        Comment

        • NotEasy
          Senior Member
          • Mar 2007
          • 374
          #3
          Originally posted by Roberts
          I'm not understanding the question but typically leasehold improvements are depreciated for the life of the lease or the life of the improvement - whichever is shorter.
          Well, the life of the lease is one year. The buyer took over the lease from the seller and the seller had 1 year left in the lease.

            Comment

            Previous template Next

            Disclaimer

            Collapse

            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

            Working...