Tax Rules for Deductions on Repairs and Maintenance
The average homeowner can’t generally claim a tax deduction for repairs or maintenance to his property, although some isolated energy-related tax credits are available. Sole proprietors, businesses, and rental property owners can deduct expenses for repairs and maintenance of their property and equipment, however. The IRS tightened up the rules for how repairs and maintenance expenses can be deducted in 2014, but […]
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