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Repair Deductions Versus Capital Improvements – An Introduction
Repair Deductions Versus Capital Improvements – An Introduction
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Brand New Report
Repair Deductions Versus Capital
Improvements – An Introduction
IMMEDIATE TAX SAVINGS. Repairs are fully deductible against all types of income including ordinary income, including your spouse’s income on a joint return (remember that aggregate rental losses are subject to the Passive Loss Rules unless you elect to be a real estate professional). On the other hand, a “capital improvement” is not fully deductible all in one year but must be depreciated over a recovery period of 27-1/2 years for residential real property and even longer at 39 years for non-residential real property. Personal property is depreciable over 5 years.
