USA Extending the Lives of Leasehold Improvements

[Mriesing]

Hello All,

Thank you for taking the time to answer my question. My question is, if you renew a lease, can you extend the lives of the leasehold improvements that are associated with that lease?

 

[Marianne]

Im not an accountant. It seems that a lease, contract or any negotiated document terms are a result of the final agreement between both parties. Renewing a lease is still agreement of terms and should be clearly stated at time of renewal. If you wish to add additional terms at renewal that were not present in the original agreement I think you would need to add these terms upon renewal. In other words if your original agreement stated a length of time for leasehold improvements I believe you would have to write new dates to extend those terms. If your not certain then it's a grey area that needs to be clarified

 

[Mriesing]

Why are you posting on an accounting forum if you are not an accountant? Your response has nothing to do with my question. I'm asking about the useful lives of fixed assets, mainly Leasehold Improvements. Can anyone else chime in please?

 

[Marianne]

This is a forum. People post to help each other out. I was clear I'm not an accountant. No need to be rude. Have a better day.

 

[Mriesing]

Sorry for the late reply, I was busy giving legal advice on a legal forum, although I am not a lawyer.

 

[Marianne]

I believe you. I've used free legal advice. Justalayman is a senior member gave me good advice along w a few other folks. He's not an attorney. Cheers to your new job

 

[Mriesing]

Sorry, that was rude. I did not mean to offend