@Cynthiad66 , thanks for the quick response! I failed to mention that I have an LLC (started in 2021) and am now working on Schedule E for my individual tax return. Since Schedule E is mostly just a copy of my LLC P&L report, I want to make sure that my QBO Advanced books are correct. Therefore it was *very* useful to see the previous response on Repair vs Investment. I do use TurboTax, but I probably won't go through your steps for rental income as this would go through the LLC and Schedule E.
Since my current improvements were made only a few months after the rental property was put in service, I was thinking to calculate the 2021's depreciation on improvements for the days they were actually in service up to the end of 2021, and then these would basically go together with the main Building depreciation and end together with the building. It does not make sense to me to keep amortizing improvements after the building itself is fully amortized, but maybe I am incorrect.
Now that you mentioned appliances - I was going to expense all my rental property's appliances and furniture (below $2500), including tools I used to remodel that rental property, based on De Minimis Safe Harbor Election - is this not allowed for the rental property?
