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okrandy
Level 5
April 6, 2021
Solved

Rental expenses under $2,500

  • April 6, 2021
  • 1 reply
  • 0 views

I purchased a number of items for my rental property that I want to expense.  All are under $2,500 each.

I have done this in previous years but in 2020 Premier I can find where to enter the items. If I say yes that all are under $2,500 it asks me to review the assets that I have entered and capitalized in previous years.

 

I saw the thread initiated by NOLA5678 but his solution does not appear for me.

 

My TTax is fully updated. 

 

Any advice?

    Best answer by ColeenD3

    Include them as miscellaneous expenses with the notation of DeMinimus Safe Harbor.

    1 reply

    KrisD15
    KrisD15
    Level 15
    April 6, 2021

    If they are under 2,500, you can expense them so they would not be listed as assets, the amounts would be listed as expenses. 

    Please look at your schedule E to see if the expenses are listed. 

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    O
    okrandyAuthor
    Level 5
    April 7, 2021

    Thanks for the response.  I am earlier in the process.  Where do I enter the items under $2,500 that I want to expense?  

    ColeenD3
    ColeenD3Answer
    Level 15
    April 7, 2021

    Include them as miscellaneous expenses with the notation of DeMinimus Safe Harbor.

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