Updated Capitalization Regulations - deadline 12/31?

[Kathlyn Lewis]

Hey Smart People!

Our accountant from last year sent me an email a few days ago saying that there were changes to the capitalization regulations for real estate and that in order to take advantage of the new $2500 cap on deductible expenses, we would need to have a written capitalization policy in place before 12/31/16, which she could provide for $100.  Does any tax-savvy investor and/or CPA out there know if it's true that we need this written policy at all and/or by this looming deadline?

Thanks in advance for your advice and guidance!

Kathlyn Lewis