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IRS Offers Guidance on Property Deductions

WASHINGTON (CN) - The Internal Revenue Service issued temporary guidance on the deductibility of costs for improving or repairing property.

The agency wants to make the temporary guidelines permanent and announced that public hearings on them will be held on April 4, 2012.

Capital improvements that increase the value of or extend the working life of a property are not deductible under the tax code, but ordinary repairs are. The guidelines are meant to clarify the difference.

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