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I PAID $600 FOR A POOL PUMP FOR A HOA. THE ORIGINAL PUMP HAD…

Customer Question
I PAID $600 FOR...

I PAID $600 FOR A POOL PUMP FOR A HOA. THE ORIGINAL PUMP HAD BROKEN. IS THIS A REPAIR OR A CAPITAL EXPENSE?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

IT IS AN UNDER GROUND POOL

Accountant's Assistant: Is there anything else the Accountant should be aware of?

I THINK THIS IS EVERYTHING

Submitted: 8 months ago.Category: Tax
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Answered in 7 minutes by:
12/17/2017
Tax Professional: emc011075, Tax adviser replied 8 months ago
emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3,969
Experience: IRS licensed Enrolled Agent and tax instructor
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Hi. My name is ***** ***** I will be happy to help you.

Replacing the entire pump would be considered an improvements/capital expense but the IRS increased the Safe Harbor Limit from $500 to $2500 in 2016, which means you can write it off in the same year. But also check if the HOA does not have different expensing threshold.

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Customer reply replied 8 months ago
I record as a repair?
Customer reply replied 8 months ago
Do not call me I ‘lol take it from here.
Tax Professional: emc011075, Tax adviser replied 8 months ago

You can ignore the phone call, it is website generated.

If your HOA has capitalization threshold than you should follow the threshold. If not, you can expense it (as repair) or claim sec. 179 if in doubt.

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Tax Professional: emc011075, Tax adviser replied 7 months ago

Any questions? Is there anything else I can help you with today?

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