de minimis Safe Harbor - partial ownership

[JamesT81]

I own a joint interest in some properties (Schedule C).  A $10,000 piece of equipment is purchased (above the de minimis amount). My interest is 20%, so my billing statement is $2,000 of Equipment (under the de minimis amount). Am I allowed to expense the equipment or is it only depreciable? 

In other words, can a joint interest in equipment take an asset from depreciation to expense even if the gross purchase price is above the de minimis amount?

[M-MTax]

The de minimis safe harbor applies to the item/asset/invoice which, in this case, is $10,000 (way over the $2,500 limit).

It does not apply to one person's partial interest in the asset. 

[Mike9241]

for most unincorporated businesses with multiple owners, a partnership return should be filed. There can be substantial penalties for not filing. see instructions starting on page 4

file:///Y:/1065%202023%20inst.pdf 

while this equipment doesn't qualify for safe harbor, it can be rapidly depreciated using section 179 or bonus depreciation 168k. 

the first thing that needs to be resolved is whether a partnership return is required.