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IRS finally provides guidance on building repairs vs. improvements

Posted by Bonnie Martin Designated Broker on Saturday, September 21st, 2013 at 8:21am.

moneyhouse_oleg-doroshin_450On the eerily appropriate day of Friday the 13th, the IRS released the final version of its Tangible Property Repair Regulations.

The IRS has been working on these regs since 2004. The final regulations are the fourth version released by the IRS. They supersede temporary regulations that were issued at the end of 2011, and resulted in many complaints from the business community and tax practitioners due to their extraordinary length, complexity, and often hard-line approach.

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Photo:  ©[oleg doroshin]/123RF.COM

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