We've been using De Minnimus Safe Harbor for several years. While preparing 2018's taxes, I happened to notice the limit was raised from 500 to 2500 in 2016. I've properly ajusted my 2018 since it has not been filed, and am wondering if I need or should go back an update my 2016 & 2017 taxes appropriately. The following questions are going through my mind...
1. Will I get in trouble for not sticking to the 2500 (ie depreciating something that was 1k..)
2. Is there a benefit to changing aside from a quicker write off? I'm thinking if I don't change - I'll be required to reclaim the depreciation when I sell?
3. Is there some way I can just take care of this through adjustments in my 2018 business returns since I have not filed yet? (I'm using TT Business).
4. If not - do I just 'amend' a previous years return (starting at 2016... then 2017.. etc.)
Thank You in advance for your thoughts!
