@GJ58 wrote:
Can I do it?
Nope. The "lesser of 2% or $10,000" language refers to the total amount paid during the taxable year for repairs, maintenance, improvements and similar activities.
Your total cost was $7,987 which, according to your figures, exceeds 2% of the basis. As a result, you cannot make the Section 1.263(a)-(3)(h) election (for small taxpayers).
