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How does the $2500 limit on De Minimis Safe Harbor Elections for rental property assets apply if I own less than 100% of the property?
I own a 40% share of a single family rental property. In 2016, a new fence was installed for $4500. Instead of depreciating the fence, can I allocate my cost of the fence (40% of $4500 = $1800) and claim $1800 as an expense on my personal return using the De Minimis Safe Harbor Election?
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May 31, 2019
6:31 PM