I renovated my rental property and need some help figuring if I qualify to use the new De Minimis Safe Harbor Election portion of my tax return. It states, "The cost of each item as shown on your receipt is $2,500 or less." The total cost for my renovations was $6,100. Is it the total costs of all items is $2,500 or less or each individual item is $2,500 or less? My largest purchase was $1,700 for carpeting and after most items were in the $20.00 to $50.00 range. The language is somewhat confusing to me. Thanks for your help?
