Landlord who owns newly constructed Restaurant (Building) - Spidell

Landlord who owns newly constructed Restaurant (Building)

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Message Board Landlord who owns newly constructed Restaurant (Building)

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      Anonymous
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      Friendly discussion between multiple tax practitioners–we understand the concepts for Qualified Improvement Property (with the recent 15 year life and allowed bonus depreciation), but it seems there was also a part of legislation dating back to 2015 – effective starting in 2016 that restaurant buildings themselves were allowed to be depreciated for federal tax purposes for 15 years (SL) (I head California uses 39 years, so they don’t conform–as usual) and no bonus depreciation.  Would this apply to a Landlord who built the building and is now leasing it to a related party tenant (some but not all partners or members have equity in both ventures).  I am specifically asking about the building and if the 15 year SL depreciation applies to the Landlord (not the tenant–which is a restaurant).  Any further explanation or citing is always appreciated that adds clarity.  Best of Luck to all of you the rest of the way here!

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