itlw8 02:57 PM 12-31-2014
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
grandmom 03:55 PM 01-02-2015
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?
Michael 04:15 PM 01-02-2015
TomCopeland 07:24 AM 01-03-2015
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.