1) The De Minimis Election (under $2500) covers everything.
2) No limit, BUT it needs to be SPECIFICALLY for rental purposes.
3) It can be a lump sum.
4) No. If the property was specifically a rental, those might be able to be added to the depreciable Basis to be depreciated over 27.5 years. However, in your circumstance it seems like it might also be your personal home. If you had ANY personal benefit from it, that would make all of those that stuff non-deductible. Physical ITEMS that are used for rental (furniture, appliances, etc.) can be covered under the De Minimis Election, using the Fair Market Value on the date it was converted to a rental (multiplied by the business percentage).
