The SHST states:
You are not required to capitalize as an improvement, and therefore may be permitted to deduct, the costs of work performed on owned or leased buildings, e.g., repairs, maintenance, improvements or similar costs, that fall into the safe harbor election for small taxpayers.
Among the conditions is the following:
The total amount paid during the taxable year for repairs, maintenance, improvements, or similar activities performed on such building property doesn't exceed the lesser of-
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You are considered to have paid the entire $10,000 in the current year, even if you financed it. It's the same thing as purchasing any other asset with a loan (such as an automobile) or a credit card purchase.
You are considered to have paid the entire $10,000 in the current year, even if you financed it. It's the same thing as purchasing any other asset with a loan (such as an automobile) or a credit card purchase.
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