De minimis safe harbor range, mult properties

Forum|Forum|1 year ago
October 13, 2024
3 replies
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I've been unable to locate these 3 answers.

1. Can I have a rule to depreciate $200-$1,500 for example and take the de minimis election for $1,001 to $2,500? Or does taking the election REQUIRE me to expense everything under $2,500?

2. If I'm taking the d.m. safe harbor deduction under "other" will my line 14, 15, etc on the schedule E be blank (except for items under $200)?

3. If I have 4 rental properties on my schedule E, can I use de minimis on only say 2 of them?

Thank you for your help.

Best answer by Anonymous_

Yes. Sorry for my confusion. I'm putting my de minimis election items (never taken this election before) on line 19 /schedule E. I was making a seperate line item for each large category...de minimis safe harbor/supplies, de minimis safe harbor/ equipment. Typically I would put $300 paint for example on line 15/schedule E. Now that I'm taking the de minimis election, it sounds like I'm required to now put any de minimis category item down on line 19 and not up above?

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Anonymous_

Employee

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Anonymous_

Employee

AmeliesUncle

@Anonymous_ wrote:
@6bowl wrote:
....If I have 4 rental properties on my schedule E, can I use de minimis on only say 2 of them?
Thank you for your help.
I'm going to page @AmeliesUncle for this question, but I believe the election is per taxpayer and not per activity.

I agree with Tagteam - if you make the election it must be applied to everything.

Anonymous_

Employee

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6bowlAuthor

@Anonymous_ If I had $300 of paint for example that I was holding for that year of multi unit painting, I didn't know if that goes on my other expenses/de minimis election line, or up on my supplies line. It probably relates to my question 1. Thank you for your help