Thank you Julie S.
Do not understand why TT specifies ITEMS in regards to the $2,500 or less statement. And why it specifies IMPROVEMENTS later on, when it seems to be getting into the area of determining if you can expense versus depreciate using the Safe Harbor for Small Taxpayers for our rental property investments. Why doesn't TT just ask if we have any ITEMS and/or IMPROVEMENTS $2,500 or less to lessen the confusion? TT ran out of space?
Seems, based on your response, the decision process goes as follows for our rental property investments:
- If $2,500 or less, De Minimis Safe Harbor applies for BOTH ITEMS & IMPROVEMENTS
- If ITEM or IMPROVEMENT is more than $2,500, have to depreciate unless we and our rental meet the requirements for using Safe Harbor for Small Taxpayers
Thanks again!
