<http://www.realtaxtips.com> Denver Real Estate Investors
It's Time to Prepare for Tax Season!Tax season is right around the corner, and it's never too early to start preparing for Uncle Sam, especially if this tax year didn't end up the way you were hoping. Now is the best time to ask questions about which rental expenses you can and cannot deduct on your tax return. For example, someone had a question about the thin grey line between repairs and improvements: "...repairs get deducted and improvements depreciated... supplies get expensed and materials are capitalized... does that mean materials purchased for repairs get capitalized... and supplies used for improvements can be deducted?" More <http://www.realtaxtips.com/story.php?title=Repair_Materials_VS_Improvem\ ent_Supplies> Luckily, the TaxTips Community was able to make a ruling on this tip. Leave a comment if there is anything you'd like to add, and be sure to vote for the comments you thought were useful. Don't hesitate to contact me directly if you have any questions. As always, your feedback is appreciated. Enjoy your Holiday Season! Niman Singh Director of Community Relations Web Address: www.RealTaxTips.com <http://www.realtaxtips.com> E-mail: RealTaxTips(at)yahoo.com
