Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
pbmunkey
Level 2

Should I list assets under the Business Assets Summary page in Schedule C that are under $100?

I run a vacation rental and often buy things such as hair blowers that cost about $50, pots and pans that are $80, or over the toilet bathroom cabinet for $100, etc.. Obviously they all will last over 1 year. Do I need to be listing items like these in the business assets summary page just to section 179 it? Can't it just be under a miscellaneous expense?

1 Reply
HelenaC
New Member

Should I list assets under the Business Assets Summary page in Schedule C that are under $100?

Yes, you may enter small amount "assets" under expenses. You may use Cleaning and Maintenance or Supplies or Miscellaneous

This is called the Safe Harbor Electionhttps://ttlc.intuit.com/replies/4682171

Dynamic AdsDynamic Ads
Privacy Settings
v