You can use the de minimis safe harbor election in this instance. There will be no immediate ramifications if you keep the property subject to the safe harbor election.
However, Treas. Reg. §1.263(a)-1(f)(3)(iii) states that the property is not treated upon sale of other disposition as a capital asset under section 1221 or as property used in the trade or business under section 1231. Therefore, if you ever dispose of the property, through a sale or other disposition, your basis in the property would be zero and any gain would be ordinary gain (i.e., not capital gain).
