I purchased a $1700 laptop for my business and would like to report it as the business expensive per DeMinims safe harbor election.
I use Home and Business version. I went to BUSINESS tab, then selected 'Let's write off some business expenses", I selected 'Other Miscellaneous Expenses'. I added description and amount for the laptop, but there was no place or checkbox that allowed me to let IRS know I planned to use "DeMinims safe harbor election" for this laptop.
Please advise.
Enter the laptop in the Business Assets section of the program to make the election.
Yes, I selected these options in the Business Assets Section.
The turbotax said 'OK. Make sure these purchases are entered as other miscellaneous expenses, not assets" (see the screenshot below)., then I clicked 'Continue' button and it returned to Business Main page. I selected Business expenses --- other miscellaneous expenses --- enter the info ---- Save the data.
but the De Minimis Safe Harbor Election form didn't create for me.
I clicked right upper corner -- Forms icon and didn't find De Minimis Safe Harbor Election form there.
The laptop just listed as an expense with other expenses on Schedule C.
Yes, i do have this one and check box is checked!
One more question: I was under impression that DeMinims safe harbor election was applied to one specific expense item (eg, my $1700 laptop), so looks like it will be applied to all expense items less than $2500? because no specific expense items were mentioned on Reg 1.263(a)-f ?