The tax man cometh, bearing gifts – 2009 may be your year for tax breaks

Description

Abstract: In the midst of all the bailout bills, budget proposals and credit crunch measures of the past year, some of the old standbys have gotten a facelift which can greatly benefit real estate professionals. This article covers updates to laws regarding leasehold and restaurant depreciation, the Section 179 expensing election, the 50% first-year bonus depreciation allowance, net operating loss carrybacks and energy-related tax breaks.