January 31st, 2016
TAX TIP OF THE DAY... new 2015 rules for rental property owners!
In the past large repairs, improvements, appliances and furniture needed to be depreciated over time... you could not deduct the entire purchase price in the year of purchase. Ask your tax preparer about a brand new election that can be made retroactive back to 01/01/2015 which ALLOWS THE EXPENSING of any item costing less than $2,500. This is huge... the best rental property tax break in 20 years!!!
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If you need tax help... www.baboiancpa.com
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David S. Baboian, CPA