My associate Ben Rucker, a former-IRS agent, has come out with a new YouTube video explaining how the IRS determines whether a rental or business property expense was a repair or a capital improvement. 

The difference is important because repairs can be deducted in the same year they were made, while capital improvements have to be depreciated out over the class life of a property.  Being able to write off $25,000 for painting an apartment building in one year is better for your bottom line than taking less than $1,000 each year for 27 1/2 years (the class life span of a residential rental unit).

Check it out at https://youtu.be/Te7nPfokriQ

Lee Phillips

P.S. I am so glad Ben worked with me on the new Advanced Tax Tactics 2.0.  Remember to use "UpdateSpecial" to get 30% off--but HURRY!  The celebratory discount is only good until this Monday, June 1st.