Can I deduct repairs and maintenance costs?
An example of an AI chatbot conversation about tax deductions for repairs and maintenance costs.
Can I deduct repairs and maintenance costs on my taxes?
Yes, you can generally deduct repairs and maintenance costs if they are related to your rental property or business.
What types of repairs qualify for deductions?
Common deductible repairs include fixing leaks, replacing broken windows, and maintaining HVAC systems.
Are there any limits on how much I can deduct?
There are no specific limits, but the expenses must be ordinary and necessary for your business or rental property.
Do I need to keep receipts for these deductions?
Yes, it's important to keep receipts and documentation to support your deductions in case of an audit.
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