I installed a $2300 roof on the rental property in 2018. When I entered this investment in rental property section, turbotax doesn’t ask me if I want to expense it but just asked me how I want to capitalize/depreciate it?
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The De Minimus Election applies to non real property. The elections apply to the assets you would normally depreciate, like carpeting, appliances, etc. You can take the Improvments Election.
Improvements Election
This election is an option you can take each year that
lets you write off some building improvements as
expenses instead of assets.
Here are the rules you need to meet to
take this election:
This election for building improvements is called the Safe Harbor Election for Small Taxpayers. If you decide to take this option, a form called Safe Harbor Election for Small Taxpayers will show up in your tax return. This election will apply to all your businesses, rental properties or farms.
To make either of the elections please follow these steps:
Part 1. Make the election
The De Minimus Election applies to non real property. The elections apply to the assets you would normally depreciate, like carpeting, appliances, etc. You can take the Improvments Election.
Improvements Election
This election is an option you can take each year that
lets you write off some building improvements as
expenses instead of assets.
Here are the rules you need to meet to
take this election:
This election for building improvements is called the Safe Harbor Election for Small Taxpayers. If you decide to take this option, a form called Safe Harbor Election for Small Taxpayers will show up in your tax return. This election will apply to all your businesses, rental properties or farms.
To make either of the elections please follow these steps:
Part 1. Make the election
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