repairs(redirected from Maintenance, repair and operations)
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Work to return a property to its former condition without extending its life.Repairs are fully deductible on the current year's tax returns.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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."
Copyright © 2008 H&R Block. All Rights Reserved. Reproduced with permission from H&R Block Glossary