Get your taxes done using TurboTax


@Anonymous wrote:

...the fridge broke down and I bought a new one for around $1200. Can I expense the whole amount or do I need to depreciate it for 5 years? 


You can expense the entire amount by using the de minimis safe harbor election. Check the "Yes" box in the screen in the screenshot below and then deduct the $1,200 as a miscellaneous expense (Other expenses).

 

See https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations#Ademinimis

 

Untitled.png