@Carl wrote:
.....My nieghbor (A CPA) at the time did indicate it was a grey area....
The amount used to be $500 until it was raised to $2,500 so that could have very well created some confusion. The CPA may also not be aware that, "...if you [a taxpayer] elect to use the de minimis safe harbor, you don't have to capitalize the cost of qualifying de minimis acquisitions or improvements".
@Carl wrote:
...listing it as a separate asset could potentially subject me to the county assessing a yearly tangible property tax on it.
There is an exemption on the first $25,000 in value with respect to the tangible personal property tax so the only owners who typically pay any tax are limited to those who own fully furnished rental properties.
