Yes. The SHST is also claimed on a building-by-building basis. Thus, if you own more than one rental building, you can claim the SHST for some rental buildings and not use it for others. Also, y.You can claim the SHST for some years and refrain from doing so for other years—it’s entirely up to you.
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The SHST may be used only for buildings—including condos and coops--with an unadjusted basis of $1 million or less. Thus, it can’t be used for many larger apartment buildings or other more expensive rental buildings. “Unadjusted basis” usually means a building’s original cost (also called its cost basis), not including the cost of the land.
To determine a building’s unadjusted basis, you don’t subtract the annual amounts you deduct for depreciation. But you add the value of any improvements you make to the building while you own it and that you are depreciating along with the rest of the building.
If you own more than one rental unit or building, the $1 million limit is applied to each separately. Thus, for example, a landlord with 10 rental buildings each with an unadjusted basis of less than $1 million could use the SHST for each of them.
