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Old 01-14-2014, 07:10 PM
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Leasheold improvments and business personal property tax

Hi,
I have a business in Maryland and we spent a significant amount of money to remodel our space before we could use it. When I filed federal taxes for 2011 I deducted our leasehold improvements as an asset. For personal property tax, I read that leasehold improvements applies when "the lessee retians ownership of the leasehold improvements, or is required to remove them at the end of the lease". According to this, then leasehold improvements would not be taxable in my situation. So my question is, is it possible that under Federal taxes I deduct my leasehold improvements as an asset but for personal property tax they are not taxable? Thanks for the reply



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