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24 May 2022 | 6 replies
To determine if the expense should be classified as a capital improvement or a deductible repair, the context of the expense is very important.An example is, if an item of expenditure is part of a general plan of modernization, renovation or rehabilitation to equipment or other business property, it typically must be capitalized even though on its own it would be currently deductible.According to IRS Code, expenses that you must capitalize are those that:Materially increase valueSubstantially prolong useful life (including replacement of deteriorating assets)Adapt the property to a new or different useHowever, you are allowed to deduct expenses and fees for routine maintenance and repairs that help keep the property in efficient operating condition.
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3 February 2022 | 4 replies
Our bank said in order for this house to be classified as a second home, we have to intend to personally occupy (not list available for rent) the house a minimum of 14 days or 10% the amount of dates that it’s rented.
13 May 2021 | 2 replies
After doing some searching, a ramp is classified as a "reasonable modification" and the cost of reasonable modifications are at the tenants expense. https://petriepettit.com/blog/...https://www.hud.gov/sites/docu...The difficult part might be finding someone to do the work.
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29 July 2021 | 4 replies
We got to the page that says:Due to the number of members in your LLC, you are considered a Multi-Member Limited Liability Company (LLC) as the type of structure applying for an EIN.Since you are a multi-member LLC, we must initially classify you as a partnership.
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31 May 2021 | 2 replies
What do I need to do to classify as an real estate investor etc....?
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17 May 2021 | 4 replies
I mean it’s classified as a 1-4 unit dwelling so you could write on a personal lines form or commercial.
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17 May 2021 | 0 replies
County are a step lower, classified merely as “severe drought.”
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26 May 2021 | 2 replies
Even in this case, however, your long-term gains will be classified as capital.
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27 May 2021 | 3 replies
Try craigslist or other classified ads drive industrial areas.
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22 May 2021 | 3 replies
I don’t really know what it would classify as.