{"id":9120,"date":"2017-06-26T10:00:36","date_gmt":"2017-06-26T15:00:36","guid":{"rendered":"http:\/\/taxprocenter.proconnect.intuit.com\/?p=9120"},"modified":"2017-06-26T10:00:37","modified_gmt":"2017-06-26T15:00:37","slug":"what-you-need-to-know-about-repair-regulations","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/what-you-need-to-know-about-repair-regulations\/","title":{"rendered":"What You Need to Know About Repair Regulations"},"content":{"rendered":"<p>Chances are you have clients who need more information on the somewhat complicated tangible property or repair regulations.<\/p>\n<p>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.\u00a0However, the taxpayer is required to capitalize the costs of acquiring, producing and improving tangible property, regardless of the size or the cost incurred.<\/p>\n<p>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.\u00a0These regulations also provide some simplifying provisions and elections.<\/p>\n<p>Please refer to the IRS\u2019\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/tangible-property-final-regulations\" target=\"_blank\" rel=\"noopener\" data-wa-link=\"body_irs-tangpropReg\" target=\"_blank\">Tangible Property Regulations &#8211; Frequently Asked Questions<\/a>\u00a0for a recap and explanation of these repair regulations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.\u00a0However, the taxpayer is required to capitalize the<\/p>\n","protected":false},"author":107082828,"featured_media":1430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[509474089],"tags":[],"intuit_collection":[],"intuit_series":[],"coauthors":[509474105],"class_list":["post-9120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.6 (Yoast SEO v28.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IRS Repair Regulations Explained<\/title>\n<meta name=\"description\" content=\"Understand IRS tangible property repair regulations and how they affect client deductions for repairs vs. capitalization. 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Here is some vital information you need to know. Tangible Property Regulations The IRS has issued regulations covering the tax treatment of\u2026","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2015\/09\/2014_01-e1508456052479.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1767,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/irs-raises-tangible-property-expensing-threshold-from-500-to-2500\/","url_meta":{"origin":9120,"position":1},"title":"IRS Raises Tangible Property Expensing Threshold From $500 to $2,500","author":"Mike D'Avolio, CPA, JD","date":"December 14, 2015","format":false,"excerpt":"To the delight of small businesses and the accounting industry, the Internal Revenue Service has raised the tangible property expensing threshold from $500 to $2,500, starting in tax year 2016. However, the IRS will provide audit protection and not challenge the use of the new, elevated $2,500 threshold by eligible\u2026","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"IRS and tax professionals","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2017\/10\/irs-e1535552628720.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2017\/10\/irs-e1535552628720.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2017\/10\/irs-e1535552628720.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":13633,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/treasury-irs-issue-proposed-regulations-on-charitable-contributions-and-salt-credits\/","url_meta":{"origin":9120,"position":2},"title":"Treasury, IRS Issue Proposed Regulations on Charitable Contributions and State and Local Tax Credits","author":"Intuit Accountants Team","date":"August 29, 2018","format":false,"excerpt":"Learn about the proposed regulations on charitable contributions and state and local tax credits.","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/01\/columns-e1508455752811.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/01\/columns-e1508455752811.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/01\/columns-e1508455752811.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/taxprocenter.proconnect.intuit.com\/wp-content\/uploads\/2016\/01\/columns-e1508455752811.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":29630,"url":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/guidance-for-adv-manufacturing-investment-credit\/","url_meta":{"origin":9120,"position":3},"title":"Guidance for Adv. Manufacturing Investment Credit","author":"Scott Cytron","date":"March 7, 2024","format":false,"excerpt":"Learn more about the proposed regulations for the Advanced Manufacturing Investment Credit, and how you can provide comments.","rel":"","context":"In &quot;Tax Law and News&quot;","block_context":{"text":"Tax Law and News","link":"https:\/\/accountants.intuit.com\/taxprocenter\/category\/tax-law-and-news\/"},"img":{"alt_text":"Guidance for Adv. 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For the most part, the definition of \u201csmall business\u201d for each tax break varies; the definition can turn on the amount of gross receipts, the amount of assets, or the number of employees. 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