Is it a maintenance expense or a capital improvement?
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Description
Abstract: If a dealer puts on a new roof, tiles the showroom floor or makes cosmetic changes, is it a maintenance expense that can be fully deducted on the 2011 tax return or a capital improvement that must be depreciated over a longer period? The wrong approach may mean more money now but trouble with the IRS later. This article notes that the IRS is looking at this area with increased scrutiny, and gives examples of projects that the agency regards as capital improvements.
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