IRS Secrets: How Safe Harbors & BAR Tests Maximize Tax Savings
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In this episode, Ryan and Thomas break down the tax treatment of repairs & maintenance expenses vs. capital improvements and how to maximize tax savings, including:
- Tax differences between repairs expenses vs. capital improvements
- How to maximize tax savings with three must-know IRS Safe Harbors
- How to navigate capital improvements with the BAR Tests
- And more!
This is a must-listen if you want to maximize your tax deductions on your repair and renovation costs.
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Пікірлер: 2
This is excellent. With betterments, you can go as higher than 30% using the TPR examples (e.g., 1 of 3 HVAC systems, 4 of 10 plumbing fixtures).
So please clarify this. I do not have an advanced university degree. Early in the video you said if you get a 6K HVAC replacement that you cannot take it as a repair via De Minimus. However, my reading of that saw harbor says that any line item under 2500 can be depreciated in the same year which you eluded to later in the video. But then you threw in something about labor which wasn't clarified very well. If I had a 6k HVAC job, I would get an invoice like the following. 1 - Air handler. $2200 2 - Line set $500 3 - Outside Unit - $1000 4 - Permit fee - $500 5 - Labor - $1000 6 - Trash Removal - $800 Please explain 1) Why can't I take this as a repair under deemimus 2) How labor factors into it according to what you said in the last part of the video.