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Under the Safe Harbor Election for Small Taxpayers, does the term "the cost of all repairs, maintenance and improvements” include separately capitalized improvements?
For example, I have a rental property with two new assets, one for $8000 (siding) and one for $6000 (roof). If I capitalize the $8000 asset, can the $6000 qualify for the safe harbor even though the total is more than $10,000? If the term repairs, maintainance and improvements refers only to currently expensed items, I should be able to expense the $6000 item (assuming other requirements are met). But if the term improvements also includes separetly capitalized improvements, I cannot. Thanks!
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June 7, 2019
5:38 PM