MinhT
Expert Alumni

Business & farm

You can fully deduct any asset costing $2,500 or less under the de minimis safe harbor election. This is better than claiming a section 179 deduction as section 179 deductions are subject to recapture.

In TurboTax, enter the items as assets. TurboTax will ask Did you buy any items costing $2,500 or less?. Answer Yes and follow the interview to enter the items and make the de minimis safe harbor election.

Please see this IRS document for more information:

https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post