Got a new roof installed this year (2024) for a home that I am renting out to a tenant
Cost of the new roof was $12,600
I am in the "Assets" section in Turbotax in "Rental Properties and Royalties (Sch E)" for my house
I click the button saying "Add expense or asset"
I select "Improvements, furnishings, and other assets"
On the fourth page of "Improvements, furnishings, and other assets" it says:
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The safe harbor election for small taxpayers lets you deduct improvements as expenses this year instead of being depreciated over many years.
You can do this if:
- Your gross receipts, including all your other income, are $10,000,000 or less.
- The unadjusted basis (typically, the original cost) of your building was $1,000,000 or less.
- The cost of all repairs, maintenance and improvements is less than or equal to $10,000 or 2% of the unadjusted basis of your building, whichever is lower.
Do all three of these apply?
*Yes
*No
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Since my roof cost was $12,600 I have to pick "No"?
If this is the case is there any other way to get a deduction in my taxes for the new roof I had installed this year (2024)?
