Section 179D proves to be an excellent opportunity to take advantage of the highest deduction of all time to resolve problems with your roof. 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. With the recent update to the 179 tax deduction, the best time for commercial building owners to do the necessary roof maintenance and repair work is right now, when it's most lucrative. According to Section 179, you can enjoy the reduction in the cost of repairing the old roof even after you buy the new one.