Repair and imprv regs

[gman]

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]

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.

[gman]

Elect

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

[gman]

under,

sorry, under $500.

[Lion]

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