I have a S corp. rental property undergoing some restoration projects which I have listed under Assets section of returns as Construction-in-Progress. One such project may be ready this year (2025) I don't understand how the new Election to Capitalize Repair and Maintenance Costs may help or hurt. It is my understanding that once the project is finished and put in use, I would then add it to my Depreciation schedule. The project will finish somewhere near $30,000 sometime this year.
Can someone give me some advice on this?
