Want to elect De Minimis Safe Harbor, but only Section 179 option offered

[Anonymous_]

Click Open Form and scroll down.

[akg0101]

Thanks. I made that election.

Now, where do I enter the assets (< $2500) that I want to claim under this election? I assume it will not be as Assets, but there is no Miscellaneous section in any of the Business Expenses categories.

[Anonymous_]

Under Rental Real Estate:

[akg0101]

Unfortunately, our LLC has nothing to do with properties or the rental business. It does back office work for banks and we are looking to expense a bunch of laptops and computer peripheral equipment.

[Anonymous_]

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@akg0101 wrote:

Unfortunately, our LLC has nothing to do with properties or the rental business. It does back office work for banks and we are looking to expense a bunch of laptops and computer peripheral equipment.

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Then you can enter those de minimis expenses in the screen below (checking the same box in the summary of elections).

[akg0101]

Got it. Thank you very much for all the guidance. Much appreciate.

[akg0101]

Hello - What is the way to opt for the De Minimis Safe Harbor election for S-Corp in Turbotax Business? The Partnership Elections Summary form is apparently for 1065 filers only. Is there corresponding form for 1120S filers?

Thanks in advance!

[Anonymous_]

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@akg0101 wrote:

The Partnership Elections Summary form is apparently for 1065 filers only. Is there corresponding form for 1120S filers?

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Yes, there is a corresponding form.

[akg0101]

Thank you!

[6bowl]

if a person has say 3 entries to put under other expenses for de minimis expenses that altogether total say $7,000, do you list each separately or all as one? (if all 3 are totally different types of purchases, but fitting de minimis guidelines)

[Anonymous_]

Either or, but it would probably be better to list each individually.