New Tangible Property Rules: Repair/Capitalization Regulations

Every taxpayer who owns rental property or a business with depreciable property has some important new changes and choices to make for their 2014 tax returns.  Some of this is discussed in Rev Proc 2014-16.  If you haven’t discussed this with your local Enrolled Agent or other competent professional, I would advise you to have that discussion as soon as possible.  If you ask your tax preparer about this and they don’t know what you are talking about, it’s time to change tax preparers.