Question

How to deduct in Section 179 expense under Section 1.263(a)-1(f) de minimis safe harbor election with net loss

Forum|Forum|4 years ago
March 17, 2022
2 replies
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In Turbotax Business I am completing my form 1120S, which reports a net loss of of $2800. I'm not able to deduct the purchase of a laser printing of $400 under Section 179 because of the net loss. In Turbotax, how do enter/take the deduction under Section 1.263(a)-1(f) de minimis safe harbor election?

TurboTax Business Windows

Rick19744

Employee

Did you pay yourself a wage?

If so, you can add your wages to the loss when completing line 11 of form 4562.

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.

M

Mike9241

you expense it (don't treat it as a capital asset) or rather than taking section 179 you take168(k) bonus depreciation which is not limited to business income