I was messing around with Business Income and Expenses > Business Assets > Assets Being Depreciated.
Attempted to add on some home renovations, both greater than and less than $2500, but realized it was more logical to add them through home office expenses as assets applicable to the whole home.
This is just a regular sole proprietorship with a 20% home office (not a rental property). The renovations were for the whole house.
Turboxtax appears to have retained the attempted entry from Business Assets > Assets Being Depreciated as a form for Section 1.263(a)-3(h) Safe Harbor Election for Small Taxpayers with the home office address included. I can't make use of the safe harbor election (it won't let me deduct the renovations expenses all at once, don't understand why), and I can't remove the form either.
Is there any way to back out of the Safe Harbor Election entirely?
Going back into business assets > assets being depreciated and telling Turbotax "no" to did you buy any items for any business, rental...that cost $2500 or less in 2018 and then deleting all assets doesn't do it. Deleting the entire home office expense doesn't do it either. It feels buggy.
It took several hours, but the way to eliminate this is:
Business Assets > Assets being depreciated
Review answers to annual elections questions
Did you buy items that cost $2500 or less? Yes
Can you deduct as expenses? Yes and Yes
Items all for $2500 or less? No
Did you make improvements to a building? Yes
Election for improvements? No
Describe the building you made improvements to? Remove all values.
This will clear out the form 1.263(a)-3(h). Then answers can be backtracked as necessary.
It took several hours, but the way to eliminate this is:
Business Assets > Assets being depreciated
Review answers to annual elections questions
Did you buy items that cost $2500 or less? Yes
Can you deduct as expenses? Yes and Yes
Items all for $2500 or less? No
Did you make improvements to a building? Yes
Election for improvements? No
Describe the building you made improvements to? Remove all values.
This will clear out the form 1.263(a)-3(h). Then answers can be backtracked as necessary.