There is an annual election for improvements that allows expensing rather than depreciation if the cost of all repairs, maintenance, and improvement is the lesser of 2% of the unadjusted basis or $10,000.
My question: if I take this election then do I still enter the improvement as an asset or do I simply enter the improvement as an expense. How does TurboTax handle it?
Is there more detailed info on this provision somewhere?
