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Farm Income Expense - Repairs and Maintenance

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Farm Income Expense - Repairs and Maintenance


Repairs and Maintenance

 You can deduct most expenses for the repair and maintenance of your farm property. Common items of repair and maintenance are repainting, replacing shingles and supports on farm buildings, and periodic or routine maintenance of trucks, tractors, and other farm machinery. However, repairs to, or overhauls of, depreciable property that substantially prolong the life of the property, increase its value, or adapt it to a different use are capital expenses. For example, if you repair the barn roof, the cost is deductible. But if you replace the roof, it is a capital expense. For more information, see Capital Expenses.

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Views: 1044 Created on: Jun 15, 2013
Date updated: Dec 05, 2019

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