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micropayments
Returning Member

So you cannot expense a item worth over $2500 on your schedule C for the tax year? It must be depreciated?

I have business expenses for my Schedule C and it says on TurboTax that if the items are below $2500 each; then you can use "De Minimis Safe Harbor Election" to write it off 1-time as an expense for the year. But if the item is over $2500, you must "depreciate" the item for large purchases? 

 

So I cant put all my purchased items that are below $2500/above $2500 on the same business expense category on my Schedule C?

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1 Reply
Vanessa A
Expert Alumni

So you cannot expense a item worth over $2500 on your schedule C for the tax year? It must be depreciated?

No, you would do separate entries for your purchases of assets.

 

The ones that are above $2,500 you may be able to take a section 179 deduction for. 

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