- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I want to elect De minimis safe harbor for small business. Should I input the asset in the depreciation screen 22 and make an election 1.263(a)-3(h) on screen 46? Does California conform with De minimis safe harbor for small business? If yes, how and where do I make this election for California?
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It would be best to only ask once. You can always add addl info to your original question. Using the de minimis safe harbor for a otherwise capitalizable asset means you are not going to capitalize and depreciate it, so do not enter it in the depreciation screen.
The more I know the more I don’t know.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
@dati001 wrote:I want to elect De minimis safe harbor for small business. Should I input the asset in the depreciation screen 22 and make an election 1.263(a)-3(h) on screen 46?
§1.263(a)-3(h) is NOT the De Minimis Safe Harbor election. It is the Safe Harbor for Small Taxpayers. They are two different elections.
