Repairs or Capital Improvements? The IRS Doesn’t Want You to Know This!

In this episode of the Know Your Numbers, REI Podcast, host Chris McCormack breaks down one of the biggest questions in real estate investing; what really counts as a repair, and what’s a capital improvement?Chris explains why understanding the difference can save you thousands in taxes and how to correctly categorize expenses to comply with IRS guidelines and avoid costly mistakes while maximizing your deductions. You’ll learn the key rules every flipper, developer, or long-term investor should know, plus expert tips on making the right elections and reporting your expenses the smart way.If you want to keep more of your hard-earned profits and avoid costly tax mistakes, this episode is a must-listen. Tune in, and follow the podcast so you never miss powerful insights to help you grow your real estate wealth the right way!••••••••••••••••••••••••••••••••••••••••••••➤➤➤ To become a client, schedule a call with our team➤➤ https://www.betterbooksaccounting.co/contact••••••••••••••••••••••••••••••••••••••••••••Connect with Chris McCormack on Social MediaFacebook: https://www.facebook.com/chrismccormackcpaLinkedIn: https://www.linkedin.com/in/chrismccormackcpaInstagram: https://www.instagram.com/chrismccormackcpaJoin our Facebook Group: https://www.facebook.com/groups/6384369318328034→ → → SUBSCRIBE TO BETTER BOOKS’ YOUTUBE CHANNEL NOW ← ← ← https://www.youtube.com/@chrismccormackcpaThe Know Your Numbers REI podcast is for general information purposes only and is not intended to provide, and should not be relied on for, tax, legal, or accounting advice. Information on the podcast may not constitute the most up-to-date legal or other information. No reader, user, or listener of this podcast should act or refrain from acting on the basis of information on this podcast without first seeking legal and tax advice from counsel in the relevant jurisdiction. Only your individual attorney and tax advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this podcast or any of the links or resources contained or mentioned within the podcast show and show notes do not create a relationship between the reader, user, or listener and podcast hosts, contributors, or guests.