Yes, the Safe Harbor Election allows you to expense purchases less than $2,500 while depreciating assets that cost $2,500 or more.
First go to the Assets/Depreciation section for your self-employed business and answer the questions to make the Safe Harbor Election. (Find this topic on the Business Summary page under the Business tab in TurboTax Self-Employed.)
Also enter your purchases of $2,500 or more in this section. TurboTax will calculate the allowable depreciation expense based on your entries.
Finally, enter the purchases you chose to expense under the Safe Harbor Election (SHE) in any reasonable business expense category found under Other Common Expenses in the Business Expenses section (see screenshot #1 below - click to enlarge).
Most taxpayers report these expenses under Other Miscellaneous Expenses (screenshot #2) using a custom description (ie: "SHE Equipment) to identify the assets that were expensed (screenshot #3).
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