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Accounting for repairs and expenses on a rental property is a topic that creates a lot of confusion. However, the IRS has set forth regulations that are very clear.
On today’s show, I’m sharing a simple mnemonic device you can use to determine whether or not an expense can be written off immediately, or capitalized over time. I’ll give specific examples, quote exact wording from the tax code, and share why I love making repairs on my rentals! Press play to learn more about the BRA Method!
Show notes: http://morrisinvest.com/episode303
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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