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Making elections under regulation 1.263(a)-1(f), 1.263(a)-3(n), or 1.263(a)-3(h) (Form 3115)

by Lacerte Tax 2021 Updated 1 year ago

This article will assist you with making the following elections for Form 3115 in Lacerte:

  • 1.263(a)-1(f) - De Minimis Safe Harbor Election
  • 1.263(a)-3(h) - Safe Harbor Election for Small Taxpayers
  • 1.263(a)-3(n) - Election to Capitalize Repair and Maintenance Cost

Follow these steps enter the applicable elections:

  1. Go to the Elections screen for your tax type:
    • Screen 46, Elections (Individual)
    • Screen 33, Elections (Partnership)
    • Screen 41, Elections (Corporate)
    • Screen 38, Elections (S Corporate)
    • Screen 50, Elections (Fiduciary)
  2. Select Misc. Elections from the left navigation panel.
  3. Locate the Miscellaneous Elections section.
  4. Check the box labeled De minimis safe harbor [1.263(a)-1(f)], if applicable.
  5. Check the box labeled Capitalize repair and maintenance costs [1.263(a)-3(n)] (to make the capitalize repair and maintenance costs election, if applicable.
  6. Scroll down to the Election for Safe Harbor for Small Taxpayers section.
  7. Check the box labeled Safe harbor for small taxpayers [1.263(a)-3(h)], if applicable.
  8. Hold down Ctrl+E in Description of property (Crtl+E).
  9. Enter the election information.
  10. Click OK.

The applicable elections should show in the Forms view now.

Lacerte Tax

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