I saw Q&A for de minimis safe harbor election on TurboTax Home & Business software. But, in TurboTax Business, how to select de minimis safe harbor for asset under $2500? It only has section 179 selection.
Could someone help me about it?
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I am assuming you're preparing a 1065. You can make the election in Step-by-Step mode.
After select De Minimis Safe Harbor in 'Other', how to apply the De Minimis to an individual asset?
When I add an asset with the value < $2500 such as a desktop computer, TurboTax does not indicate De Minimis can be used for depreciation.
Do not add the item as an asset in the Asset section. Rather, it is expensed in its entirety.
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