Dictionary of Business Terms: repairs
repairs
work performed to return property to a former condition without extending its useful life, as distinguished from capital improvements. In income property, repairs are an operating expense for accounting and tax purposes. As examples, patching a hole in the roof (but not replacing the roof) and mending (but not rebuilding) a fence are repairs.
Dictionary of Real Estate Terms: repairs
repairs
work performed to return property to a former condition without extending its useful life, as distinguished from capital improvements. In income property, repairs are an operating expenses for accounting and tax purposes.
Example: Patching a hole in the roof (but not replacing the roof) and mending (but not rebuilding) a fence are repairs.
