You also get alerted if they cancel or are suspended for nonpayment, so you can make a business decision to terminate if they don't repalce/renew.

Spoiler alert, it wasn't the ones who freed the slaves.......

There are 3 safe harbors available to you-De Minimis Safe Harbor ElectionSafe Harbor Election for Small Taxpayers (sounds a bit condescending)Safe Harbor for Routine MaintenanceCheck these out...Frankly given the amount, and what you are doing (low materiality to the plumbing system unit of property), I would expense it.

@Cindy Cheng, Any tax paying entity can do a 1031 exchange. 

It's great to have you here.Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/m...Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/a...Read Beginner’s Guide: http://www.biggerpockets.com/r...Check out BP Money Podcast: https://www.biggerpockets.com/..

Under IRC Sec 61, Congress intends to tax all gains or undeniable accessions to wealth, clearly realized, over which taxpayers have complete dominion.Treas Reg Sec 1.61-1(a) provides that gross income includes income realized in any form, whether in money, property, or services.

(The 1031 requires the same tax payer on both sides, not the same name.)

While you’re at it don't forget to set up keyword alerts for topics that interest you: http://www.biggerpockets.com/alerts If you haven't already, also check out The Beginners Guide (http://www.biggerpockets.com/real-estate-investing) and BP Podcasts (http://www.biggerpockets.com/renewsblog/category/podcast/) are packed full of great info. 

Particularly be sure to include your goals for real estate investing so that folks can help you. 2) Follow your favorite forum topics and set up keyword alerts!

Also be sure to set up word alerts to see when someone posts in an area you are interested in.