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June 15, 2023
Question

business safe harbor election

  • June 15, 2023
  • 1 reply
  • 0 views

How do I enter the cost of newly acquired assets (computer, furniture, etc.) amountng in total to less than $2000 if they benefit more than one Schedule C business and also personal non-business use?  Must it be allocated to each of the Schedule C businesses, or can it be entered just once and Turbo-Tax does the rest?

1 reply

June 15, 2023

Turbotax will not allocate between schedule Cs so the easiest would be to split the business portion between the schedule Cs 50/50 or whatever you deem a fair allocation to be.  the personal portion does not get entered. 

nmromeAuthor
June 18, 2023

Answer was very helpful. Thanks.