DeMinimus Safe Harbor

[rbt1219]

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.

[Anonymous_ · Accepted solution]

There is no election in the interview in TurboTax Business (as there is in the personal income tax products).

You can simply add the items as expenses in the Rentals section and then make the actual election in the Federal Taxes >> Other section of the interview (look for the Election Forms subsection).