Can I elect both "small taxpayer safe harbor" and "De Minimis Safe Harbor"?

[TL3]

Magic Michael, just want to make sure that my understanding is correct: my house's unajusted basis was $150K 20 years ago. I made improvements 10 year ago for $10K and 5 year ago for $5K. So my unadjusted basis is $165K, right?

[MichaelDC]

Right! No adjustments for depreciation, etc.

[TL3]

Thank you, my teacher!

[cmarilee]

Hi, I hope you are still answering this message!  I have two rental properties for which there are repairs/maintenance I want to expense.  I sold one of the properties in 2022 that had a very low unadjusted basis of $83,000,  and that has one expense over 2,500 ($2776) plus other fixing-up expenses.   Would I need to do de minimis for this (NOT SHST) but then be required to send in a financial statement? 

On the second property, with unadjusted basis of $185,000 and window replacement for $4,000 in 2022,  I assume that also would require the de minimis safe harbor with a financial statement? And I believe an attached  letter is also required?

If so on both, can I do one financial statement that includes both properties, and what format would that statement be? Is a one-page Annual Income Statement adequate or would I have to do monthly statements as well?  Very confusing.  Thanks very much.  Marilee

[Think57]

Can I elect/use BOTH De Minimis Safe Harbor and Safe Harbor for Small Taxpayers on the SAME building if it meets the criteria for both?

Thanks, Think57