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Section 179 Expense Deduction - Business Equipment
I have TT Home and Business 2021 Mac edition. I have multiple items to expense that each meet Section 179 requirements to expense those items. After going through the Business Asset interview, it brings me to "Other Miscellaneous Expenses" to include these items. First question, does each item need to be listed with their amounts, or can I use a single line item, e.g., "Business Equipment" and have an aggregated amount? The total would exceed the $2500 threshold for a single item per IRS rules so I don't want to have a red flag raised due to how the data is entered. My second question is do I also add a cell phone purchase here which is for business use? Thanks.
March 22, 2022
7:31 AM