Commercial real estate usually must be depreciated over 39 years. But certain real estate improvements — specifically, qualified improvement property (QIP) — are eligible for accelerated depreciation and can even be fully deducted immediately. While maximizing first-year depreciation is often beneficial, it’s not always the best tax move. QIP defined QIP includes any improvement to an interior portion of a nonresidential building that’s placed in service after the date the building was placed in service. But expenditures attributable to the enlargement of the building, any elevator or escalator, or the building’s internal structural framework don’t count as QIP. QIP has a 15-year depreciation period. It’s also eligible for bonus depreciation and Section 179 expensing. 100% bonus depreciation Additional first-year bonus depreciation is available for eligible assets, including QIP. The One Big Beautiful...