Discussion:IRC section for capital expenditures
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Discussion Forum Index --> Tax Questions --> IRC section for capital expenditures
DR BRISKET (talk|edits) said: | 21 February 2007 |
| I must admit I am not very well versed in quickly locating sections in the Internal Revenue Code. Specifically, I'm looking for the code section that discusses capital expenditures vs. repairs. In particular, my client spent over $14K last year to fix up a rental home after their tenant moved out. Many of the expenses were a result of the tenant's "trashing" of the home. I'm sure the IRS's position would be that this $14K must be capitalized, but I'd like to read the actual IRC section discussing this. Any help here is appreciated. Thanks. | |
| 22 February 2007 | |
| The regulations discuss this issue in detail. See Reg §1.162-4 and Prop Reg §1.263(a)-3. | |
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