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Deadline Extended on Deductions for
Retirement of Depreciable Property
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 Did you know that if you put a new roof on your building you may be able to take a deduction for the loss of the service life remaining on the old roof? Similar deductions are also available for the "retirement" of certain tangible depreciable property, especially those categorized as a structural component or machinery. If you improved an existing building, removed an older component, or updated certain machinery between January 1, 2012 and December 31, 2013 you may still be able to claim a deduction.
It is not too late to gain the benefits of these deductions. The Internal Revenue Service has recently extended the deadline for claiming a loss on the retirement of specific tangible property using the "partial disposition" method. You can now make such a partial disposition for property retired, removed or updated during the specified time period.
If you have a structural component or property improvement that was retired in previous years but is still being capitalized, this may present an opportunity to gain a deduction on the remaining capitalized value. But you'll need to move quickly to include this deduction in your 2014 tax return.
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