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DeMinimus Safe Harbor
I am using TT Business 2023 to complete a 1065 return for a LLC that owns a rental property. I cannot find either during the step-by-step interview or on the Federal Asset Entry Worksheet how to make the deminimus safe harbor election. During the interview, after I enter the $2,100 cost, the next screen concerns the "Special Allowance Deduction" that allows for expensing 80% of the cost and depreciating the other 20%. I do not see a question regarding expenses <$2,500. I also don't see any questions regarding DMSH on the Federal Asset Entry Worksheet. Thanks.
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‎December 10, 2023
8:21 AM