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Tax Year Prior to 2020: De Minimus Safe Harbor election and Safe Harbor Election for Small Taxpayers with TT Premium 2019
Hope you can help me in this:
I'm using the premium version, my total repairs that i entered under expenses is $4520, the 2% of the unadjusted basis of my building =$5600.
I still have two separate receipts for improvement for my rental house ( changed the whole floor with Luxury Vinyl Plank),
one receipt is the material for $1900 and the other receipt is $2200 for the labor.
1.how can i enter them in De Minimus Safe Harbor election,Safe Harbor Election for Small Taxpayers?
2. can i enter both under "Did you buy any items for rental property that cost $2,500 or less in 2019?"
or one under the this question and the second one under the "Did you make improvements to Second home that I rent out in 2019"
Please help me solving my issue
Thank you
Topics:
‎April 8, 2020
8:40 PM