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?
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Include them as miscellaneous expenses with the notation of DeMinimus Safe Harbor.
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.
Thanks for the response. I am earlier in the process. Where do I enter the items under $2,500 that I want to expense?
Include them as miscellaneous expenses with the notation of DeMinimus Safe Harbor.
I know how to do that. Thank you.
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