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First go to the assets section of the TurboTax 'Home & Business' product to see if you qualify to take the election. If you qualify, then go to the expenses section and enter the item there. Essentially, qualifying for the 'De Minimis Safe Harbor Election' means your item can be entered as an expense and not an asset. This usually means that you get a greater tax benefit.
Additional note: Please enter those elections in the 'other miscellaneous expenses' category under the 'other common business expenses' section.
First go to the assets section of the TurboTax 'Home & Business' product to see if you qualify to take the election. If you qualify, then go to the expenses section and enter the item there. Essentially, qualifying for the 'De Minimis Safe Harbor Election' means your item can be entered as an expense and not an asset. This usually means that you get a greater tax benefit.
Additional note: Please enter those elections in the 'other miscellaneous expenses' category under the 'other common business expenses' section.
Also see the article, What can I expense or depreciate with the new business 2014 safe harbor election?
https://ttlc.intuit.com/questions/2843048Yes, you are correct. The cost of the asset should be reported as a business expense under the Safe Harbor Election. Do not report this as an Asset for Depreciation as well. One entry only.
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