I would like to know if getting keys cut for an IP is claimable as a tax deduction. Is it considered maintenance or a capital improvement.
Thanks in advance
It would be deductible as maintenance.
It may depend upon when you get it done. If you get 2 or 3 extra sets cut when you purchase the lock, then it could be argued it is a capital cost, if you are simply replacing lost keys, then it is maintenance.
Either way, the cost is insignificant (unless you are rekeying a multistorey building).
I have a large key set -to house + garages + locks for gates. I need one set for the agent, & one for the tenant.
I know it is quite negligible but still, money is money!If it costs you less than $300, you can deduct the full 100% as maintenance.
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