Safe Harbor Election or Section 179: First Year Expensing

Forum|Forum|6 years ago
April 23, 2020
3 replies
23 views

Hello All,

Where do I expense using the Safe Harbor(De Minimis) Election on ProSeries Professional?

I have a Barber client that purchased new scissors, blow dryer, hair clippers and trimmers, and shaving machine. He wants to take 100% deduction for the year he made the purchase (2019).

I see where to elect section 179, but I don't having trouble electing the Safe Harbor(De Minimis) option.

Any help or guidance will be greatly appreciated.

Thanks

ProSeries Professional

This topic has been closed for replies.

IRonMaN

Level 15

Show the items as a supplies expense

Slava Ukraini!

itonewbie

Level 15

The election statement can be found under Miscellaneous > Elections. Double-click on Line 20 and check the box for the election. Since this is an expensing provision, you will not make any input for depreciation.

---------------------------------------------------------------------------------Still an AllStar

abctax55

Level 15

How much did *EACH* items cost? Are we talking $ 100 each or $ 1000 each?

HumanKind... Be Both

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