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Schedule C Expenses - Repairs and Maintenance

Article ID: 33815  

Question
Schedule C Expenses - Repairs and Maintenance

Answer

Deduct the cost of incidental repairs and maintenance that do not add to the prop-erty'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.


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Views: 972 Created on: Jun 15, 2013