@Opus 17 wrote:
@michash2998 wrote:
can I amend 2019 tax return to remove the water heater as depreciable asset and enter it as expense instead?
And then amend each subsequent year accordingly?
I think is going to be a no, because you changed your mind after more than 2 years, but I am open to alternative interpretations.
I agree with @Opus 17 that it would be a "no".
The de minimis safe harbor requires that a statement be attached to a timely filed original federal tax return including extensions for the taxable year in which the de minimis amounts are paid.
See https://www.irs.gov/businesses/small-businesses-self-employed/tangible-property-final-regulations
