turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

De minimis safe harbor range, mult properties

I've been unable to locate these 3 answers.

1. Can I have a rule to depreciate $200-$1,500 for example and take the de minimis election for $1,001 to $2,500? Or does taking the election REQUIRE me to expense everything under $2,500?

2. If I'm taking the d.m. safe harbor deduction under "other" will  my line 14, 15, etc on the schedule E be blank (except for items under $200)?

3. If I have 4 rental properties on my schedule E, can I use de minimis on only say 2 of them?

Thank you for your help. 

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

De minimis safe harbor range, mult properties


@6bowl wrote:

......it sounds like I'm required  to now put any de minimis category item down on line 19 and not up above? 


No, you can put them on any appropriate line in the Expenses section of Schedule E. For those items that do not fit a category, you can use Line 19 (Other).

 

It really makes no difference where you enter the items as long as you don't capitalize them (i.e., enter them as assets to be depreciated).

 

 

View solution in original post

8 Replies

De minimis safe harbor range, mult properties


@6bowl wrote:

1. Can I have a rule to depreciate $200-$1,500 for example and take the de minimis election for $1,001 to $2,500? Or does taking the election REQUIRE me to expense everything under $2,500?


The election requires you to expense everything $2,500 or under (per invoice or per item).

De minimis safe harbor range, mult properties


@6bowl wrote:

....If I have 4 rental properties on my schedule E, can I use de minimis on only say 2 of them?

Thank you for your help. 


I'm going to page @AmeliesUncle for this question, but I believe the election is per taxpayer and not per activity.

De minimis safe harbor range, mult properties


@6bowl wrote:

.....If I'm taking the d.m. safe harbor deduction under "other" will  my line 14, 15, etc on the schedule E be blank (except for items under $200)?


I'm not sure what you are getting at here. Lines 14 and 15 are for repairs and supplies, respectively.

 

You could still have entries on those two lines (if they fit in those categories) as they are for rental expenses.

De minimis safe harbor range, mult properties

@tagteam  If I had  $300 of paint for example that I was holding for that year of multi unit painting, I didn't know if that goes on my other expenses/de minimis election line, or up on my supplies line. It probably relates to my question 1. Thank you for your help

De minimis safe harbor range, mult properties

Expenses are not on the election statement itself; they are entered on Schedule E.

De minimis safe harbor range, mult properties

Yes. Sorry for my confusion. I'm putting my de minimis election items (never taken this election before) on line 19 /schedule E. I was making a seperate line item for each large category...de minimis safe harbor/supplies, de minimis safe harbor/ equipment. Typically I would put $300 paint for example on line 15/schedule E.  Now that I'm taking the de minimis election, it sounds like I'm required  to now put any de minimis category item down on line 19 and not up above? 

De minimis safe harbor range, mult properties


@6bowl wrote:

......it sounds like I'm required  to now put any de minimis category item down on line 19 and not up above? 


No, you can put them on any appropriate line in the Expenses section of Schedule E. For those items that do not fit a category, you can use Line 19 (Other).

 

It really makes no difference where you enter the items as long as you don't capitalize them (i.e., enter them as assets to be depreciated).

 

 

De minimis safe harbor range, mult properties


@tagteam wrote:

@6bowl wrote:

....If I have 4 rental properties on my schedule E, can I use de minimis on only say 2 of them?

Thank you for your help. 


I'm going to page @AmeliesUncle for this question, but I believe the election is per taxpayer and not per activity.


 

I agree with Tagteam - if you make the election it must be applied to everything.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies