Where do I list any assets for the rental such as adding water shutoff, washer dryer, replacing water heater, medicine cabinets or can all of these easily be expenses?

[Anonymous_]

You can expense these items, using the de minimis safe harbor election, if each item (per invoice) cost $2,500 or less.

See https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#Ad...