I appreciate you taking the time to respond. That answer still leaves me confused though.
You’re saying to continue to list my supplies on line 22 “supplies are used up (example, paper, cleaning supplies, etc)”. I understand that. What I don’t understand is how to treat the things that able to be depreciated but I normally just treat a a supply.
To be super specific, I bought a chair this year that cost me $50. It has a useful life of over 1 year. Some people would consider that an 5 year depreciable asset but I choose to just consider it a “supply” and expense it since it’s value is under $200. Because I’m electing the De Minimus safe harbor do I need to include that $50 chair under the election? Or is it still considered a supply that goes on line 22 because that’s how I treat small items. I’m just trying to understand if the De Minimus election overrides how I normally treat these types of items.
If you can spell it out for me like I’m a toddler and explain where I should be deducting my $50 chair that would be much appreciated 🙂
