New Repair Regulations – Partial Disposition of Property

Written on August 19, 2015

As we approach the September 15th tax filing deadline, we want to remind you of a tax savings opportunity for the 2014 tax year only. Under the new repair regulations, you can do a partial disposition of property. For the 2014 tax year only, the IRS is allowing taxpayers to go back to prior years and partially dispose of property. If you replaced a roof in prior years or renovated a tenant space, you could recognize a loss on the original asset. Taxpayers can recognize the loss on the prior year partial disposition on their 2014 tax returns. If you have already filed your 2014 return, you can amend the return by September 15, 2015 to take advantage of prior year partial dispositions. If you have any questions on how this can impact your business, please contact a Warren Averett advisor.

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