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Business & farm
Yes, I read the information on the IRS website link that you sent to me and it confirms what the TurboTax software says. I was just confused when I saw the exact same question on the TurboTax forum and they said no you can't and the IRS is strict about this. You mentioned in your previous reply that some people will not be able to use the Safe Harbor Election for Small Taxpayers because of low dollar figures. My total figures for the new roof and for yearly repairs and maintenance is $9214.00 which is below the $10,000 max that the IRS will allow for this election. So if I only have $3971 in capital improvements including repairs and maintenance on another rental property that I have then I cannot use this election ? It's too high for the other election that you mentioned before because that has a max of $2500. Thanks You.