I rent out a room and a bathroom in my home. I consider 25% of my home rented, by the room method.
In 2022 I purchased two assets and made one improvement to my home. The improvements and asset are available to both myself and my renter, so I am only considering 25% of the cost for deduction (is that ok?)
When I only consider 25% of the cost of the assets and improvement, the cost of each individual asset is <$2500 and the total is <$10,000. When I worked through the Asset part of TurboTax Self-Employed as a Landlord, I think I understood that these assets and this improvement qualify for Safe Harbor. I reported those Safe Harbor deductions in "Misc" expenses.
Did I do this correctly?
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You would add the cost of the asset as a miscellaneous expense (as the program instructs you to) and also ensure that there is a Section 1.263(a)-1(f) election statement.
You would add the cost of the asset as a miscellaneous expense (as the program instructs you to) and also ensure that there is a Section 1.263(a)-1(f) election statement.
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