topic Is the purchase of a new washer considered a property expense I can deduct? in Deductions & credits

Is the purchase of a new washer considered a property expense I can deduct?

rufusthegreat — Tue, 04 Jun 2019 21:46:13 GMT

Is this for a rental property?

Coleen3 — Tue, 04 Jun 2019 21:46:15 GMT

Is this for a rental property?

Yes, this is for a rental property. The original washer...

rufusthegreat — Tue, 04 Jun 2019 21:46:16 GMT

Yes, this is for a rental property. The original washer broke and I had to purchase a new one. Would I deduct this under 'repair expenses'? If not, where? Thanks!

Yes, if this is for a rental property. It is not deductib...

Coleen3 — Tue, 04 Jun 2019 21:46:18 GMT

Yes, if this is for a rental property. It is not deductible if it is for personal use.

De Minimis Safe Harbor Election
This election for items $2,500 or less is called the De Minimis Safe Harbor Election. This election is an option you can take each year that lets you write off items $2,500 or less as expenses instead of assets. Expenses typically reduce your income by a larger amount than depreciating an asset over multiple years does. This means you could get a bigger refund.

If you decide to take this option, a form called De Minimis Safe Harbor Election will show up in your tax return. This election will apply to all your businesses, rental properties or farms.

Here are the rules you need to meet to take this election:

You don't have an applicable financial statement (most people don't).
You have a consistent process for how you record expenses and assets.
You record these items as expenses on your books/records.
The cost of each item as shown on your receipt is $2,500 or less.

Thanks, but would I put this expense under 'repair expens...

rufusthegreat — Tue, 04 Jun 2019 21:46:19 GMT

Thanks, but would I put this expense under 'repair expenses'? If not, where?

You can include it under miscellanous with an explanation.

Coleen3 — Tue, 04 Jun 2019 21:46:20 GMT

You can include it under miscellanous with an explanation.