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srlygarcia
New Member

How do I remove the safe harbor election?

 
6 Replies
KathrynG3
Expert Alumni

How do I remove the safe harbor election?

In TurboTax Online, delete by going to the left menu, Tax Tools. Select Tools and Delete a Form. Scroll to find Section 1.263(a)-1(f) De Minimis Safe Harbor Election and Delete Form.

 

If you are in TurboTax CD/Download, go to forms mode and double click Open Form. In the search box, type election, scroll down to select De Minimis Safe Harbor Election. When it opens, uncheck the box.

 

 

This election is made annually. To change it from year to year does not require Form 3115 Change of Accounting Method. Without it, capital assets $2,500 and less will be depreciated over their useful lives instead of expensed.

 

See overview details from the IRS: Safe Harbor Election for Small Taxpayers, also listed below: 

The requirements of the safe harbor election for small taxpayers are:

  • Average annual gross receipts of $10 million or less; and
  • Owns or leases building property with an unadjusted basis of less than $1 million or less; and
  • The total amount paid during the taxable year for repairs, maintenance, improvements, or similar activities performed on such building property doesn't exceed the lesser of-
    • Two percent of the unadjusted basis of the eligible building property; or
    • $10,000 (for questions about how to calculate the unadjusted basis, refer to "Figuring the Unadjusted Basis of Your Property" in Publication 946
  • You make the election to use the safe harbor for each taxable year in which qualifying amounts are incurred.
    • The election is made by attaching a statement to your income tax return for the taxable year. See When and how do you make an election provided under the final tangibles regulations?
    • An annual election is not a change in method of accounting. Therefore, you shouldn't file Form 3115, Application for Change in Method of Accounting, to make this election or to stop applying the safe harbor in a subsequent year.

What are the most important exceptions from and inclusions in the routine maintenance safe harbor?

  • The routine maintenance safe harbor doesn't apply to amounts paid for betterments.
  • The routine maintenance safe harbor does apply to certain restorations that would otherwise be improvements, including when you pay amounts to replace a major component or substantial structural part of a unit of property.

 

Mustang24
New Member

How do I remove the safe harbor election?

How do I stop safe harbor statement?

 

TurboTax Premier CD-Rental Safe Harbor Statement is being generated by the software

Followed instructions as follows: Open Form, typed election and selected De Minimis Safe Harbor Election

box was not checked.

 

I noticed for TurboTax online it instructed to delete the form.

 

Thanks

Irene2805
Expert Alumni

How do I remove the safe harbor election?

You can delete the Rental Safe Harbor statement in TurboTax CD/Download using these steps:

 

  1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar
  2. In the Forms in My Return list on the left, click Safe harbor stm (below the Sch E Wks).  [See Screenshot below.]
  3. Click on the Delete Form box at the bottom of the screen.
  4. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.  

 

 

@Mustang24

jmslom
New Member

How do I remove the safe harbor election?

i follow all of the steps and it is still there. anyone else have that problem??

AmyC
Employee Tax Expert

How do I remove the safe harbor election?

Change your assets answer. The program will not delete information it feels is important. You must have marked safe harbor as you were going through the rental. Return to the rental and uncheck that you are using the safe harbor method. Then you can delete the worksheet. Please review What can I expense or depreciate with the business safe harbor election? before changing your asset information.

 

@jmslom

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MichelleDS
New Member

How do I remove the safe harbor election?

I unchecked the box for the safe harbor election and the form is still showing up when I go to file the forms.  Why isn't TurboTAx just deleting the form itself when I uncheck the box?  I am concerned about deleting the form (even though the box is not checked), b/c I'm worried it will conflict with something else I"m not seeing.  The form should be deleted when I uncheck the box and all calculations adjusted accordingly.

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