Question

What is a Section 1.263(a)-1(f) De Minimis Safe Harbor Election Form and why is added to my tax forms. Did I answer a question wrong or something.

Forum|Forum|7 years ago
June 5, 2019
1 reply
0 views

Is this important and do I really want it in my forms that I send in?
Why did this get included this year.

TurboTax Deluxe Windows

Employee

Yes, include the Safe Harbor Election Form with your return. This allows you to expense capital assets that cost $2,500 or less. The questions about this election appear at the beginning of the Assets/Depreciation section for Schedule C (Business) or Schedule E (Rentals).

The election covers only the current tax year. If you didn't expense any purchases that would be included under this election, you may go back and change your answers. But there is no harm in taking the election when you don't use it.

Read more about this here: Safe Harbor Election

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"