Abandonment

Abandonment & Disposition TPR Regs Studies When you undertake demolition or renovate a building and remove old lighting, HVAC units and other building parts, these assets are abandoned. As such, their book value can be treated as a business deduction. The tangible personal property within the structure (or a part of it) can be written off when the building is demolished, provided that the personal property is to be abandoned, was not purchased with the intent to demolish, and is identified and valued prior to demolition.