Tax Law and News What You Need to Know About Repair Regulations Read the Article Open Share Drawer Share this: Click to share on X (Opens in new window) X Click to share on Facebook (Opens in new window) Facebook Click to share on LinkedIn (Opens in new window) LinkedIn Written by Mike D'Avolio, CPA, JD Published Jun 26, 2017 1 min read Chances are you have clients who need more information on the somewhat complicated tangible property or repair regulations. The tax code allows an owner to deduct all ordinary and necessary expenses incurred to carry on a trade or business, including the costs of materials, supplies, repairs and maintenance. However, the taxpayer is required to capitalize the costs of acquiring, producing and improving tangible property, regardless of the size or the cost incurred. On Sept. 17, 2013, the U.S. Department of the Treasury issued regulations that combined existing case law and other authoritative sources into formal guidance to help determine whether costs are currently deductible or need to be capitalized. These regulations also provide some simplifying provisions and elections. Please refer to the IRS’ Tangible Property Regulations – Frequently Asked Questions for a recap and explanation of these repair regulations. Previous Post IRS Reopening Preparer Tax Identification Number (PTIN) System Next Post July 2017 Tax and Compliance Deadlines Written by Mike D'Avolio, CPA, JD Mike D’Avolio, CPA, JD, is a tax law specialist for Intuit® ProConnect™ Group, where he has worked since 1987. He monitors legislative and regulatory activity, serves as a government liaison, circulates information to employees and customers, analyzes and tests software, trains employees and customers, and serves as a public relations representative. More from Mike D'Avolio, CPA, JD Comments are closed. Browse Related Articles Tax Law and News Big Beautiful Bill tax deductions for workers and seniors Advisory Services White paper: Scaling advisory services to your clients Tax Law and News Year-round tax planning tips for clients Practice Management Optimizing your firm for hybrid and remote work Grow your practice Scale your firm, your way Advisory Services Modern marriage issues: Postnup agreements Tax Law and News One Big Beautiful Bill summary and tax changes Webinars AI: Boost Productivity & Client Relationships—July 14 Workflow tools Impact of CRM, portal, and PM software Tax Law and News Potential tax benefits for homeowners