Tips for Maximizing Repair Deductions

As far as taxes go, repairs to rental property are always better than improvements. Why?

Tax Filing Requirements Under the IRS Repair Regulations

Landlords will need to file Form 3115 to change their “method of accounting” for rental property they own and depreciate--an onerous task.

Repairs vs. Improvements: Complicated IRS Rules

Understand the IRS rules on improvements including unit of property, betterments versus adaptions, and building systems.

IRS Finalizes Rules on Repairs Versus Improvements

Learn about IRS rules on deducting repairs to business property.

Accounting Method Change Filing Requirement Under IRS Repair Regs

Only businesses with $10 million or more in assets or revenue are required to file IRS Form 3115 and apply the new IRS repair rules retroactively.

IRS De Minimis Rule for Deducting Business Property

Finally, the IRS has established maximum dollars amounts that taxpayers can rely on when expensing certain business property purchases.

Small Taxpayer Safe Harbor For Repairs and Improvements

Small landlords who qualify for this safe harbor can currently deduct expenses that might otherwise be considered improvements.

Routine Maintenance Safe Harbor Under IRS Repair Regulations

Repair versus improvement? Final IRS repair regulations provide business owners with safe harbors for current deductions.

Materials and Supplies Deduction Under the IRS Repair Regulations

Learn about this valuable new deduction that allows you to currently deduct equipment and other tangible personal property items that cost under $200.

IRS Repair Regulations: How to Deduct Old Roofs and Other Building Components

Building owners can now choose between two different methods of depreciation when they dispose of a building's structural components, such as a roof, HVAC unit, or windows.