Bookkeeping

How Long Can a Building Owner or Landlord Depreciate a Leasehold Improvement?

Instead, the IRS requires business owners to depreciate building improvements over a number of years. Generally accepted accounting principles, or GAAP, is a set of standards used by accountants across all areas of business and industry in the United States. This standardizes presentation of financial records and tax documents to make paperwork easier to interpret. Leases are agreements that transfer…