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Updated about 10 years ago on . Most recent reply
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?Repairs vs. Maintenance
Here's a question that likely only the people that keep their own books or the accountant minded will appreciate.
Do you lump together your repairs and maintenance costs on your income statement or do you keep them separate line items?
Repairs : Something breaks, costs of fixing it. I.e. Something is leaking, plumper fixes it.
Maintenance: Keeping something in working order. I.e. HAVC pro checks your furnace, replaces filters, etc.
This does NOT include costs that would be capitalized and depreciated. Replacing a heating system, flooring, building improvements etc. I'm only asking about costs you will expense during the tax year.
Thanks!
Most Popular Reply
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I use https://www.rentecdirect.com
It keeps track of each property. I post expenses and income to the property it belongs too. I can seperate it in any special category like maintenance or repairs. This is the first year I'll pass the info onto a CPA, so I'll see how it goes and then determine if I'll continue using it.