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Deductions & credits
Thanks for your response. The main reason I wanted to use the de minimis election is so I don't have to worry about keeping track of when I dispose of the items. The assets in question are basically components that I used to build a computer for my business. These are parts that I will pull out and replace with newer parts in the future.
Also, when booking the expense in QuickBooks to take this election, which account should be used? I typically record computer parts in a fixed asset account that I called "Computer Equipment". To take this election in my taxes, do I need to record the purchases in my books differently? Like "Computer Expense"?
March 15, 2020
8:59 AM