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Investors & landlords
If the flooring was repaired, you would deduct the cost as a repair. The Deminimis Safe Harbor Election does not really apply to repairs so you would not have to claim that. The safe harbor election applies to items purchased for the property that are not going to be depreciated rather than the cost of repairs.
Also, do not forget to include the $1000 deductible that you 'paid' along with the other out of pocket cost of the repair.
As for the baseboards, even though you provided the labor yourself, you can claim the cost of the paint and supplies used as a maintenance cost.
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‎April 11, 2023
12:17 PM