Schedule C Expenses - Repairs and Maintenance

Article ID: 34822  

Question
Schedule C Expenses - Repairs and Maintenance

Answer

Deduct the cost of incidental repairs and maintenance that do not add to the property's value or appreciably prolong its life. Do not deduct the value of your own labor. Do not deduct amounts spent to restore or replace property; they must be capitalized.

 


Article Details
Views: 422 Created on: Jun 15, 2013