@Rick112 wrote:
So you are saying the IRS will allow me to use the Safe Harbor Election for Small Taxpayers for a new roof put on a rental property in May 2020 ?
Yes. Did you read the information on the IRS web site to which I linked in my previous post?
Many owners will not qualify for this particular safe harbor as a result of the low dollar figures:
The total amount paid during the taxable year for repairs, maintenance, improvements, or similar activities performed on such building property doesn't exceed the lesser of-
- Two percent of the unadjusted basis of the eligible building property; or
- $10,000
