Can the safe harbor for small taxpayers include personal property such as a sofa. The sofa was about $5000. If I do use the safe harbor for maintenance, repairs and improvement and the personal property is not allowed, can I depreciate the sofa. And is there $10000 limit for all of the items?
No, "personal property" (non real estate) would not qualify for the Safe Harbor for Small Taxpayers.
Yes, you can depreciate the sofa. No, there is no limit for depreciation.
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