TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

Laminate floor in rental property. Safe Harbor election.

Forum|Forum|1 year ago
September 19, 2024
1 reply
0 views

I put a new luminate floor in one of my rental properties. I would like to expense as much as possible. Total cost is. $7987. My approach is: I'll make a Safe Harbor Election Sec 1.263. Expense $3440, which is 2% of the basis of the house without land cost. And the rest depreciate over 27.5 years. Can I do it?

Employee

@GJ58 wrote:

Can I do it?

Nope. The "lesser of 2% or $10,000" language refers to the total amount paid during the taxable year for repairs, maintenance, improvements and similar activities.

Your total cost was $7,987 which, according to your figures, exceeds 2% of the basis. As a result, you cannot make the Section 1.263(a)-(3)(h) election (for small taxpayers).