Writing Off Improvements- Safe Harbor

[Joe Edwards-Hoff]

I just read this article here and I wanted to confirm the info-

https://www.nolo.com/legal-encyclopedia/small-taxp...

So, it sounds like I am able to write off some of my improvement expenses, as long as it is less that 2% of the basis of my property?  I qualify as being a small time investor. So, as long as my improvements and repairs are under 2% of my basis, I can file that paperwork and write all of the costs off that year? I just wanted to confirm that. 

Thanks

[Michael Plaks]

@Andre Chambers

What you call materials and what the tax code calls materials are two different things, unfortunately.

The initial rehab, including both labor and materials, is generally not deductible right away, except for some specific items such as appliances, carpet, fence and similar things. Many details are involved, so there's no quick online cheat sheet that you could rely on. A lot of it is under the "it depends" category.

Which is why we accountants enjoy our job security. :)