New IRS Regulations?

[Cal C.]

Has anybody developed a detailed list of repair/improvement items which is segregated to keep under the $500 radar?  If you don't know what I'm talking about and your a landlord I strongly suggest you find out. 

[Marcia Maynard]

I suppose you are referring to the IRS tangible property regulations TD9636 effective for tax years beginning on or after January 1, 2014.  I'm aware of it and our professional tax preparer keeps us on top of it.  In determining whether we have a deductible repair that can be expensed or a capital improvement that can be depreciated, we do not qualify for the $5000 safe harbor, so indeed we are limited to the $500 threshold.  

We don't have a detailed list of repair/improvement items with the intention of keeping under the $500 radar. We just do what we need to do to keep our properties maintained and keep good records of our expenses.  Then our tax preparer sorts it out.  Our depreciation schedules are organized and maintained by our tax preparer.