New IRS depreciation vs. deduction rules?

[Ben Skove]

My understanding of the new IRS regulation to take effect Jan. 1, 2014, is that the "safe harbor for small taxpayers" regulation will allow qualifying taxpayers to avoid having to determine whether an expenditure is an improvement or a repair so long as the total amount spent (per building) is the lesser of $10,000 or 2% of its unadjusted basis. Is this correct?

Granted, 2% is pretty small potatoes for the types of SFRs I deal with, but some folks may find this beneficial.

@Steven Hamilton II , I'm tagging you as the go-to tax guy! :)

I apologize if this has been covered already - I wasn't able to find an older thread.