In TurboTax Online, delete by going to the left menu, Tax Tools. Select Tools and Delete a Form. Scroll to find Section 1.263(a)-1(f) De Minimis Safe Harbor Election and Delete Form.
If you are in TurboTax CD/Download, go to forms mode and double click Open Form. In the search box, type election, scroll down to select De Minimis Safe Harbor Election. When it opens, uncheck the box.
This election is made annually. To change it from year to year does not require Form 3115 Change of Accounting Method. Without it, capital assets $2,500 and less will be depreciated over their useful lives instead of expensed.
See overview details from the IRS: Safe Harbor Election for Small Taxpayers, also listed below:
The requirements of the safe harbor election for small taxpayers are:
- Average annual gross receipts of $10 million or less; and
- Owns or leases building property with an unadjusted basis of less than $1 million or less; and
- The total amount paid during the taxable year for repairs, maintenance, improvements, or similar activities performed on such building property doesn't exceed the lesser of-
- Two percent of the unadjusted basis of the eligible building property; or
- $10,000 (for questions about how to calculate the unadjusted basis, refer to "Figuring the Unadjusted Basis of Your Property" in Publication 946
- You make the election to use the safe harbor for each taxable year in which qualifying amounts are incurred.
What are the most important exceptions from and inclusions in the routine maintenance safe harbor?
- The routine maintenance safe harbor doesn't apply to amounts paid for betterments.
- The routine maintenance safe harbor does apply to certain restorations that would otherwise be improvements, including when you pay amounts to replace a major component or substantial structural part of a unit of property.
