Repair and imprv regs

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  • gman
    Senior Member
    • Dec 2005
    • 676

    #1

    Repair and imprv regs

    If I buy a washer for 350.00 for my rent house in 2014, must I make any elections with regards to the new regs?
    thanks
  • Lion
    Senior Member
    • Jun 2005
    • 4698

    #2
    No. You can work with the $200 and depreciate the new washer. Or, you can elect $500 (if you made that decision at the beginning of the year) and expense the new washer. It's an election. You do not have to elect. You may choose not to elect if you need the depreciation in future, higher income years more than you need it now. You might not elect if items between $200-$500 are rare in your business and you don't want to change your ways. It's your election to make or not.

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    • gman
      Senior Member
      • Dec 2005
      • 676

      #3
      Elect

      So if I elect, I cannot depreciate any items over $500. on this return for this year?

      Comment

      • gman
        Senior Member
        • Dec 2005
        • 676

        #4
        under,

        sorry, under $500.

        Comment

        • Lion
          Senior Member
          • Jun 2005
          • 4698

          #5
          Either $200 will be your ceiling on expenses or $500, your election. But, in the context of ALL the new regs.

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