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Investors & landlords
Your expenses get expensed whether you elected the safe harbor or not. You will be able to elect the de minimis safe harbor when you enter ASSETS.
The De Minimis Safe Harbor election lets you deduct the full cost of items (assets) worth $2,500 or less, instead of depreciating. You can also use the Safe Harbor Election for Small Taxpayers to expense the cost of improvements (assets) to business buildings if you qualify. These elections are available for Schedule C businesses, rentals, farms, and farm rentals.
For instructions on claiming the De Minimis Safe Harbor Election in TurboTax, select your product.
TurboTax Online
TurboTax Desktop
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‎April 9, 2024
5:09 PM