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ccttps
New Member

I completed my 2017 tax and during the process I said yes to the De Minimis Safe Harbor Election. I did not purchase any assets in 2017. Can I submit it with my 1040?

 
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PaulaM
Expert Alumni

I completed my 2017 tax and during the process I said yes to the De Minimis Safe Harbor Election. I did not purchase any assets in 2017. Can I submit it with my 1040?

The election covers only the current tax year. If you didn't expense any purchases that would be included under this election, you may go back and change your answers (if you have not yet filed). But there is no harm in taking the election when you don't use it.

If you want to go back and change your answer, you will see the election in the Assets/Depreciation section of your Schedule C business or Schedule E rentals.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
PaulaM
Expert Alumni

I completed my 2017 tax and during the process I said yes to the De Minimis Safe Harbor Election. I did not purchase any assets in 2017. Can I submit it with my 1040?

The election covers only the current tax year. If you didn't expense any purchases that would be included under this election, you may go back and change your answers (if you have not yet filed). But there is no harm in taking the election when you don't use it.

If you want to go back and change your answer, you will see the election in the Assets/Depreciation section of your Schedule C business or Schedule E rentals.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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