Yes, as long as you qualify for the Safe Harbor Election, you may include this expense on your tax return:
The requirements of
the safe harbor election for small taxpayers are:
- Average annual gross receipts
less than $10 million; and
- Owns or leases building
property with an unadjusted basis of less than $1 million; and
- The total amount paid during
the taxable year for repairs, maintenance, improvements, or similar
activities performed on such building property doesn't exceed the lesser
of-
- Two percent of the
unadjusted basis of the eligible building property; or
- $10,000; and
- You make the election to use
the safe harbor for each taxable year in which qualifying amounts are
incurred.
Use your percentage ownership of the property and asset to determine if you qualify.
For directions on how to access this in TurboTax, please see "
Where do I input depreciation?"
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