Rental Property Repairs

laurie65tax · ‎February 9, 2021

Can the purchase of slipcovers for two chairs ($1020) to replace torn ones be expensed as Repair Expense on rental property?

HelenC12 · ‎February 9, 2021

Yes, you may deduct the $1,020 slipcovers as expenses instead of depreciating them.

When items are purchased for a business, a decision is made whether it’s an expense that you deduct all of the cost now, or you deduct the cost over multiple years (depreciation).

There are two elections you can make. One is used to deduct items with a cost of $2,500 or less instead of depreciating. The second election deals with deducting improvements to business buildings.

These elections are available for Schedule C businesses, rentals, farms, and farm rentals.

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View solution in original post

HelenC12 · ‎February 9, 2021

Yes, you may deduct the $1,020 slipcovers as expenses instead of depreciating them.

When items are purchased for a business, a decision is made whether it’s an expense that you deduct all of the cost now, or you deduct the cost over multiple years (depreciation).

There are two elections you can make. One is used to deduct items with a cost of $2,500 or less instead of depreciating. The second election deals with deducting improvements to business buildings.

These elections are available for Schedule C businesses, rentals, farms, and farm rentals.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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