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repairs
(redirected from repair)

   Also found in: Dictionary/thesaurus, Medical, Legal, Acronyms, Idioms, Encyclopedia, Wikipedia, Hutchinson 0.05 sec.
repairs

Work to return a property to its former condition without extending its life.Repairs are fully deductible on the current year's tax returns.


Repairs
Repairs are expenditures to keep business-use property in good operating condition that do not significantly add to the value of the property or extend its useful life. Also se "Capital Improvement."


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