Got a call from someone asking about special commercial inspections that might result in a tax discount. I thought it might be energy related. Anyone hear about tax discounts for a special commercial inspection?
John, I’m not aware of any special commercial or corporate tax treatments but there may very well be some. In general however, Repairs are 100% deductible in the year of the repair on Schedule C, line 21. Improvements are depreciated and amortized over the life of the improvement, typically 7-20 years, using Form 4562. The cost of the inspection could be included in either one I’m sure. Both methods obviously result in tax reductions.
Being as you are in Texas, are there any discounts for Hurricane shutters??
Do not know. I am in Dallas. Too far from coast to worry about hurrcanes.