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de minimis Safe Harbor - partial ownership
I own a joint interest in some properties (Schedule C). A $10,000 piece of equipment is purchased (above the de minimis amount). My interest is 20%, so my billing statement is $2,000 of Equipment (under the de minimis amount). Am I allowed to expense the equipment or is it only depreciable?
In other words, can a joint interest in equipment take an asset from depreciation to expense even if the gross purchase price is above the de minimis amount?
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‎December 17, 2024
3:25 PM