Repairs vs. Improvements

This handout provides information which will help determine whether a current business deduction can be taken for expenses incurred on business assets, or whether the expense must be capitalized and depreciated.

HIGHLIGHTS: 

  1. Repairs vs. Improvements comparison chart.

  2. Requirements for deducting as a current expense.

  3. Recordkeeping guidelines.


CLIENTS WHO MAY BENEFIT:

  1. Taxpayers with rental property.

  2. Business owners.

BusinessClare FazackerleyBusiness, Business Tax, Expenses, Renting, Landlord, Rental Property, Rental Improvement, Maintenance