From your question, it appears you are trying to take the Safe Harbor Election. It also looks like you did the first step below. You now have to do the second step below.
When items are purchased for a business, a decision is made
whether it’s an expense that you deduct all of the cost now, or you deduct the
cost over multiple years (depreciation).
-
If the miscellaneous assets (expenses) cost less than $2,500 you might be able to expense them as an Other Miscellaneous Expenses.
How do I do this with TurboTax?
This is a
two-step process:
The first step:
- Go to the
Assets / Depreciation area. The first screen will ask: Did you buy any
items that each cost $2,500 or less in 2018? It’s asking about any
items that you haven’t entered yet as expenses.
- If you
say Yes, here’s the next screen:
- We ask a
couple of questions and if you say Yes they both apply to you,
we ask if you want to take the election to expense items costing $2,500 or
less. If you say Yes to that question, TurboTax will
add the De Minimis Safe Harbor Election form to your tax return.
The second step:
- Go to
the Your Business screen.
- Enter the
amounts you want to expense in the Business Expenses area, Other
Miscellaneous Expenses.
Related information:
