NEWS
Ask the Taxman by Andy Biebl
Andy Biebl DTN Tax Columnist
Mon Mar 23, 2015 02:04 PM CDT

QUESTION:

I farm in Minnesota and do my own tax work. My question involves the new IRS repair regulations which require us to justify if expenses over $500 are a repair (part of routine maintenance) or if it is a "betterment, restoration or an adaption" to that property.

The only items on my depreciation schedule are pieces of farm equipment and a farm shop built in 2013. There are no building or equipment repair items listed. There have been no "major" repairs such as overhauls to depreciate, so routine repair items have all been deducted on schedule F along with ...

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