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Rental Property CPA discusses IRS Tangible Property Repair Regulations | small business taxation

IRS Tangible Property Repair Regulations rental property CPA

The IRS Tangible Property Repair Regulations offer immediate write-offs in 2014 and permanent tax savings when you sell the building. If you don’t have a rental property CPA consider using us. Our virtual office means your location isn’t an issue. (910) 399-2705.

The IRS released its final version of the new Tangible Property Repair Regulations. This affects depreciation and write off of structural components of buildings.

  • You can own the building or lease it.
  • Small business now has the same accounting flexibility as the big boys. Equitable taxation for a change.
  • There’s now an official threshold under which you can write off materials and supplies.
  • Relief for small businesses. You can expense up the smaller amount of $10,000 or 2% of the building’s unadjusted basis.
  • Writing off structural components of buildings when they’re removed creates more deductions now and can create permanent tax savings in the future.
  • Administrative details are still forth coming.

“The new Tangible Property Repair Regulations are effective in 2014. That means strategic planning in 2013 could result in lower taxes in 2014.”
– Gary Bode, rental property CPA

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