No, it's referring to only those items you purchased for $2,500 or less. Select Yes, if you want to deduct any item that costs $2,500 or less. Eventually, you should see the screen, Now, let's review each item you bought. Select the option that applies to you. On the screen Your Property Assets, you will probably see your rental property, and it is here that you will enter your other assets, i.e., the ones that cost $2,500 or less. Enter your information and at the screen, How Do You Want to Deduct this Item? you will see the various options available. Select one and eventually you will get back to the Your Property Asset screen. Here you can add additional assets. Repeat the same process for all of the items you purchased.
The election to deduct items that cost $2,500 can be done each year, hence the name annual election. However, once an item that costs $2,500 or less has been deducted, then that item can no longer be deducted. The annual election relates to items you think you may purchase in the future. If you select "yes" to the annual election question, you still retain the option not to use it in future years.
@dwheat17
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