In September 2013, the Department of Treasury released long-expected final regulations governing what expenditures can be deducted as repairs in the year incurred, versus what must be depreciated over multiple years. These new regulations, which are effective starting in 2014, and will govern this area of law for the foreseeable future, span several hundred pages in length. As a result, this article provides only a basic introduction, and leaves out numerous special rules and exceptions.
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