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14 March 2018 | 7 replies
Two of the safe harbors that can help you deduct improvements are below:1) 2500 de minimis safe harbor.the safe harbor applies to amounts paid during the tax year to acquire or produce what the regs call a “unit of property” (UOP), you must meet these requirements: (1)you need to have written accounting procedures treating as an expense for non-tax purposes amounts paid for property costing less than a specified dollar amount (which will be 2500 for you), or with an economic useful life of 12 months or less;.(2) the taxpayer treats the amount paid for the property as an expense on its books and records in accordance with its accounting procedures. ( do this on your bookkeeping software or whatever you utilize)(3) the amount paid for the UOP doesn't exceed $2,500. as substantiated by the invoiceNote: The cost for the Unit of Property includes l additional costs (for example, delivery fees, installation services, or similar costs) if these additional costs are included on the same invoice with the property.2) Small taxpayer safe harbor: To be eligible for the safe harbor, the total amount of improvements for the property for the tax year may not exceed the lesser of $10,000 or2% of the property's unadjusted basis.If the total amount paid exceeds the safe harbor threshold, the safe harbor does not apply to any amounts spent during the tax year.
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17 May 2018 | 23 replies
@Jorge De Jesus - never thought about that as a play.
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17 May 2018 | 20 replies
Originally posted by @Jorge De Jesus:I’d recommend DIY .
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20 July 2021 | 9 replies
It’s found to be popular for weddings for city folk, the Delaware River is always popular in the summer.
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18 May 2018 | 4 replies
Has anyone heard of Dolf de Roo?
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24 May 2018 | 11 replies
Yes, that's what the de minimis is for.2.
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25 May 2018 | 13 replies
It stands for Delaware Statutory Trust and is a trust / pass through entity in which a sponsor (think big real estate investment corporation) buys institutional property (apartments, self storage, commercial, medical office, etc) and then sells interest in the Trust/Property to investors.
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28 May 2018 | 12 replies
I was wondering the exact same thing Jorge De Jesus
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25 May 2018 | 7 replies
My target market is Wilmington, Delaware which is another shrinking marking and I would argue doesn't have the same economic prospects that Milwaukee has.
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29 May 2018 | 2 replies
Good morning all. I have a duplex that I'm about 90 percent completed. I'm looking for recommendations for property management in the Brookhaven, Parkside and Chester areas. Any help would be greatly appreciated.