The Real Estate Encyclopedia
What are leasehold improvements?
Category - Home Ownership Questions - Lease & Renting FAQ's
Any improvements made by the lessee or tenant to the property are known as leasehold improvements. Such improvements, generally tax depreciable by the lessee, are depreciable over the cost recovery period.

Leasehold improvements apply mostly to commercial leases and most residential lease agreement include wording preventing the lessee from making any changes to the property without prior, written approval of the property owner.
 
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Home Ownership Questions - Lease & Renting FAQ's
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