Change in Accounting for Repairs ???
 

I just got a letter from my tax guy about the change in the deduction for repairs. AND he needs to see all the repairs listed for the last 3 returns. Am I freaking about nothing ???

Yep not so organized here. I should have all that old receipts but not sure and where I put it

for me repairs have been things like paint

What are examples of things that do not count and things that do

I'm thinking repairs is fixing something that broke - the fence post. The coffee pot, etc.

Paint is maintenance. You maintain the condition by painting it so that you don't have to repair it later.

Tom?

Or Home Improvement. https://daycare.com/forum/tags.php?t...me+improvement

Repairs
 

Originally Posted by itlw8:
I just got a letter from my tax guy about the change in the deduction for repairs. AND he needs to see all the repairs listed for the last 3 returns. Am I freaking about nothing ???

Yep not so organized here. I should have all that old receipts but not sure and where I put it

for me repairs have been things like paint

What are examples of things that do not count and things that do

You were always entitled to deduct repairs and maintenance expenses for your business. The new IRS rule allows you to deduct any item that costs less than $500 individually.