Building owners often spend significant amounts to replace portions of various roof system components.
Armed with a basic understanding of roof systems and the tangible property regulations, tax preparers can ask insightful questions to assemble the facts and circumstances and evaluate the nature of the work performed. Careful analysis will produce supportable rationales for appropriately treating the cost of roofing work as either a current year repair expense or a capital improvement.
We'd highly recommend forwarding this article to your accountant... https://www.thetaxadviser.com/newsletters/2017/jun/expensing-roofing-costs.html
Comments