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Diana is a qualifying small taxpayer. She owns a rental property that she purchased for $200,000 several years ago. This year, Diana replaced the linoleum
Diana is a qualifying small taxpayer. She owns a rental property that she purchased for $200,000 several years ago. This year, Diana replaced the linoleum flooring in two of the bathrooms with new, higher quality tile flooring. Diana had no other costs for repairs or maintenance to the property this year.
Diana may deduct the cost of the tile flooring under the safe harbor for smataxpayers, as long as its total cost does not exceed:
a. $2,000
b. $4,000
c. $8,000
d. $10,000
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