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For '17 tax returnI elected to take the De Minimis Safe Harbor Election. What are the implications of electing to take this when in previous year you depreciated items?
Generally I depreciate our business assets, and didn't realize that if I took this election that I would not have a Form 4562 Depreciation and Amortization with my tax return. I was under the assumption this election was for items that were considered under $2500. I was asked by daughters school to provide Form 4562 Depreciation and Amortization and when I went to get it, there was none. Did I miss the form, or by electing to take De Minimis Safe Harbor Election did this do away with the Form 4562?
Do I need to amend my taxes to stay in line with previous years? Most of the items I depreciate are worth more the $2500. I have attached my previous years 4562 that has personal info redacted. Please look and give me advice on what I need to do, thanks.