A building renovation project doesn’t have to be a capital expense. At Springfield, we are able to separate out the costs that are associated with basic repairs and with demolition helping you have some costs that can be “expensed” during the current tax year and then other costs that are capitalized over many years. When a portion of the project total can be written off during the project year, it makes it more attractive to do the project. Of course, we encourage you to speak with your CPA or financial advisor about this in further detail.
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