You can usually make the de minimis safe harbor election i when you are entering the asset.
However, in a Trust return (1041) you will have to make the election manually, in Forms Mode. To do this, please follow these steps:
[Edited | 3/19/2020 | 11:42 am PDT]
You can usually make the de minimis safe harbor election i when you are entering the asset.
However, in a Trust return (1041) you will have to make the election manually, in Forms Mode. To do this, please follow these steps:
[Edited | 3/19/2020 | 11:42 am PDT]
Hi There,
Thanks for these really helpful instructions !
I found the IRC Elections form in the list under Open Forms, rather than Forms in My Return, but after going through your steps to make the election, I'm still not sure where to enter the actual expense amount to claim.
Many Thanks,
Chris
Has anyone figured out where to actually enter the expenses after taking the election?
There is not a special section for expenses using the de minimis election -- enter them as you would regular business expenses.
If you are in a business return (S-Corp, Partnership):
If you are in a Schedule C in the 1040, please follow these steps: