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What does Asset purchases mean?
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MichaelL1Answer
Level 15
June 6, 2019
It is something that you would be depreciating on the return. It increased the life or value of an existing asset.
Repairs are current expenses and are deductible in current year when an asset the deduction is spread out over a number of years through depreciation.
IRS does use a safe harbor rule that if under $2,500 it can be deducted in the year of purchase.
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