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De Minimis Safe Harbor Election for Schedule C Business Expense

taxprepp
Level 3

How do I make the De Minimis Safe Harbor election to expense a business asset that cost less than $2500 in PTO? I know I list the expense where the expenses are listed. But is there a place to select the election so the statement titled 'Section 1.263(a)-1(f) De Minimus Safe Harbor Election' is attached to the return?

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2 Comments 2
FASBCPA
Level 2

In 2022 ProConnect, there is no check-the-box election, but you can write in an election.

Go to left-menu, click Other, click Elections, click Other, scroll down to Other Election.

In Box Election title type, "Section 1.263(a)-1(f) de minimis safe harbor election"

In Box Election title type, taxpayer name, address, taxpayer identification number (social security number if you didn't get the E.I.N.), and declaration that you are electing safe harbor.

Christine1929
Level 2

There is a checkbox! see the top right corner and click Misc Elections