Understanding the IRS's 'new math' for landlord repairs

The IRS implemented new rules on when an expense for/on a property is a deductible repair. There are new 'safe harbors' that were established with these regulations. If these apply, you can deduct the cost of the repair or the upgrade to your property without having to sort through the detailed new guidelines and make sure that it's covered. There are four of these 'safe harbors': small taxpayer safe harbor, routine maintenance safe harbor, materials and supplies safe harbor, and de minimis expensing safe harbor.

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POSTED January 17 2014 12:51 PM

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