No extra steps. If you are entering expenses for your self-employment, select assets as one of your expense. As you go through the entries in assets, it will ask a question,
- Did you buy any items for any business, rental property and/or farm that cost $2,500 or less in 2019? This is where you will enter those assets as expenses thus declaring your Di Minimus Safe Harbor Election.
- Next screen will ask, Let's see if you can deduct these items as expenses. Then answer the questions. the second question will ask if you wish to make this election.
- Next you will enter these assets under miscellaneous expenses. For an example, if you have a computer. Enter under in miscellaneous expenses as Computer-Di Minimus safe harbor election. This is generally the advice I give to show the IRS what you are declaring as an expense as a safe harbor item.
- You will also have a Safe Harbor election form in your return proving to the IRS that you are taking this election.
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