Thank you for this.
And if you did a big renovation and some of the items are under $2500 and some are over, can you use the de minimis safe harbor election for some of the improvements and the depreciation for the others?
Also, if you do add all of the home improvement costs to your depreciation, how will this impact your taxes when you sell the house.
Finally, if for this tax year I lived in the house 40% of the time and rented it 60%, but next tax year I will live in it 100% of the time, how would adding improvements to my depreciation impact my taxes? Would I need to recapture those deductions next year or any year I am not renting it out 50%?
Thank you again.
