David M.Green Bookkeeping and Tax Service -
RSS

Recent Posts

ACA FORMS WON'T BE REQUIRED FOR FILING INDIVIDUAL INCOME TAX RETURNS
2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17
Standard Mileage Rates for 2018 Up from Rates for 2017
Senate Passes Tax Reform Bill
IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018
powered by

My Blog

New tax rules for buying and improving property

The IRS issued final regulations in September 2013 that clarified when business owners can deduct the cost of acquiring, producing, or repairing tangible property.

Taxpayers may deduct any s...ingle item whose cost does not exceed $500 per invoice or item. While it is possible to file 2013 returns under this provision, a taxpayer must have had written procedures in place at the beginning of 2013.

Under another new rule, small business taxpayers may elect to expense improvements if the total amount paid for repairs, maintenance and improvements does not exceed the lower of $10,000 or 2 percent of the adjusted basis of the building.

0 Comments to New tax rules for buying and improving property:

Comments RSS

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment