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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.

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