Thanks. I understand to do that from your earlier guidance. But the question is whether "intangible" items under $2500 (e.g., labor) can be expensed as "Other Expenses". Asking because I've seen info about de minimis/safe harbor applying to "tangible" items under $2500. If labor is considered intangible and cannot be expensed, should all the labor costs be added to the total renovation items (each costing more than $2500) to come up with the capital improvement cost to be depreciated?
Lastly, I would appreciate feedback on whether I am on the right track for Question 3 in terms of how to record the renovation cost (totaling $70,000 not including the "tangible" under $2500 items).
Thanks again!
