Good small property owner guide to final Tangible Property regs?

[Rich Carreiro]

I know this is a little late, given that things went
into final effect 1/1/14 :), but any suggestions on
a guide to the new rules suitable for a small
property owner (like a multi-family or vacation
home) who does their own taxes?

--
Rich Carreiro rlc-...@rlcarr.com

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[C]

On Thursday, October 8, 2015 at 12:35:04 PM UTC-4, Rich Carreiro wrote:
> I know this is a little late, given that things went
> into final effect 1/1/14 :), but any suggestions on
> a guide to the new rules suitable for a small
> property owner (like a multi-family or vacation
> home) who does their own taxes?
>
> --
> Rich Carreiro rlc-...@rlcarr.com
>

I haven't found anything that I would consider definitive, but my strategy is:

1) Start the new stuff in 2014, even if it would be leaving money on the table by restating things. That way you don't have to fill out the brain-busting for 3115.

2) Claim the safe harbor and de minimus elections every year.

3) Try to space things out so you always fall under the 2% safe harbor limit.

4) If you are over the 2% limit... then it gets hard. Even with all the examples in the rules there are still large grey areas IMO. For example, one of the examples says a guy who puts a new membrane on a flat roof over the old membrane can take a repair deduction. So... if I put a new layer of shingles on a regular roof over the old layer, is that a repair? It's all "facts and circumstances" and "material improvements" and no one can say exactly what that means.

Here's a couple of links I found helpful:

https://www.aicpa.org/InterestAreas/Tax/Resources/Compliance/DownloadableDocuments/Quick%20Summary%20Chart%20of%20Final%20Tangible%20Property%20Regulations.pdf

http://www.schencksc.com/uploadedFiles/Content/Articles_Resources/Webinars/Repair%20Regulations-Extended%20Summary_Webinar%20Handout.pdf