Live in building w 3 rental units. Removed OLD asbestos insulation from boiler pipes. Didnt replace ins. $2850 total. 75% for rentals is $2138. Repair or cap expense?
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Live in building w 3 rental units. Removed OLD asbestos insulation from boiler pipes. Didnt replace ins. $2850 total. 75% for rentals is $2138. Repair or cap expense?
Live in building w 3 rental units. Removed OLD asbestos insulation from boiler pipes. Didnt replace ins. $2850 total. 75% for rentals is $2138. Repair or cap expense?
The Service issued Letter Ruling (TAM) 9240004, which held that asbestos removal costs are not deductible as ordinary repairs and maintenance, but instead must be treated as capital expenditures.
Live in building w 3 rental units. Removed OLD asbestos insulation from boiler pipes. Didnt replace ins. $2850 total. 75% for rentals is $2138. Repair or cap expense?
The Service issued Letter Ruling (TAM) 9240004, which held that asbestos removal costs are not deductible as ordinary repairs and maintenance, but instead must be treated as capital expenditures.
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