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Updated almost 11 years ago,
What to do about Taxes
I'm not really sure which forum this should be in. But my question is, how do tax write offs work as far as repairs and upgrades are concerned? I have read and heard some people say any repair and/or upgrade you perform is tax deductible. However I called the Tax accountant that normally does my annual taxes and she said that you can only deduct things deemed as upgrades. For example.....Fixing a furnace is a repair (not deductible) but replacing the furnace is an upgrade (is deductible). What does the law say concerning this? Thanks.