Sherry Miller, ARNP is a medicare enrolled Nurse Practitioner - Family in Mason City, Iowa. She graduated from nursing school in 2015 and has 3 years of diverse experience with area of expertise as Nurse Practitioner.
Major repairs to production equipment should be capitalized. The repair to the asset will extend the useful life of the piece of equipment, which is an allowable reason to capitalize an expense. Companies should be careful, however, to not capitalize the maintenance cost of a piece of equipment.
All capital improvements are tax deductible. All capital improvements to your home are tax deductible. You cannot claim the deduction until you sell it when the cost of additions and other improvements are added to the cost basis of your property. The IRS defines a capital improvement as a home improvement that adds market value to the home, prolongs its useful life or adapts it to new uses. Minor repairs and maintenance jobs like changing door locks, repairing a leak or fixing a broken window do not qualify as capital improvements.