Search Results: keywords:"residential rental property"

  • S. 4924 — To amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
    Status:Introduced in Senate
    Words:995

    The bill titled "Renewing Investment in American Workers and Supply Chains Act" proposes changes to how depreciation is handled for specific types of properties under the Internal Revenue Code. It seeks to set a 20-year recovery period for both nonresidential real property and residential...

    Simple Explanation

    The bill wants to change how businesses and landlords count the cost of their buildings for taxes, letting them say the buildings lose value over 20 years instead of a longer time. It also suggests a new way to figure out how costs change with the economy, to make the tax amount fairer without changing what the building is worth for taxes.

  • H. R. 9069 — To amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
    Status:Introduced in House
    Words:1,024

    The bill, H.R. 9069, named the "Renewing Investment in American Workers and Supply Chains Act," proposes changes to the way depreciation is calculated for nonresidential real property and residential rental property in the United States. It sets a 20-year depreciation period for these types...

    Simple Explanation

    H.R. 9069 is a new rule that changes how some buildings, like offices and apartments, lose value over time for taxes. It says these buildings will now do this over 20 years and uses a special math rule to adjust how much they lose based on how the economy is doing.