These improvements include roof repairs, waterproofing and even total roof remodeling projects in existing buildings. Yes, if you meet the other limitations of Section 179 in relation to revenues and total assets put into service during the year. The new ceiling will be capitalized according to its depreciation program and will be counted as an expense under the provision of Section 179 when the old ceiling is removed. To qualify for a Section 179 deduction, you must purchase and service the new roof between January 1 and December 31 of the tax year.
The same conditions apply to maintenance or repairs. In addition, the amount you deduct cannot be greater than the total amount of taxable income your company had that year.