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Where in forms section is the "de minimis Safe Harbor Election" and the "Safe Harbor Election for Small Taxpayers?" (Section 1.263(a)-3-(h) and Section 1.263(a)-1(f))?

Forum|Forum|7 years ago
June 5, 2019
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TurboTax Premier Windows

Best answer by Anonymous_

"Where in forms section is the "de minimis Safe Harbor Election" and the "Safe Harbor Election for Small Taxpayers?"

Oddly enough, those election forms are not available as a selection in Forms Mode. Rather, they appear to be auto-generated depending upon the responses to questions in Step-by-Step Mode.

Therefore, you need to start in the Rental Properties and Royalties (Sch E) section in Step-by-Step Mode, proceed through the interview, and then click the Start button to the right of Assets/Depreciation (see first screenshot). One of the first questions will address the De Minimis Safe Harbor Election (see second screenshot) while a later question will address the Safe Harbor Election for Small Taxpayers (see third screenshot)

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Anonymous_Answer

Employee

"Where in forms section is the "de minimis Safe Harbor Election" and the "Safe Harbor Election for Small Taxpayers?"

Oddly enough, those election forms are not available as a selection in Forms Mode. Rather, they appear to be auto-generated depending upon the responses to questions in Step-by-Step Mode.

Therefore, you need to start in the Rental Properties and Royalties (Sch E) section in Step-by-Step Mode, proceed through the interview, and then click the Start button to the right of Assets/Depreciation (see first screenshot). One of the first questions will address the De Minimis Safe Harbor Election (see second screenshot) while a later question will address the Safe Harbor Election for Small Taxpayers (see third screenshot)

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cnm-wyle

The next step is unclear. I made the elections for a Safe Harbor Election and the next step is to enter additional depreciation items. Does it just appear on my Schedule E under Other Expenses?

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Anonymous_

Employee

" How can I force TurboTax to create the election for Safe Harbor for Small Taxpayers?"

After completing the section in the interview that inquires as to whether you purchased items that cost $2,500 or less, you need to complete the following screens as shown in the screenshots below. The Safe Harbor Election for Small Taxpayers form will be generated automatically.

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joness36

I remember doing these steps and it would be nice to review my answers to be sure I elected to take SHST. However, it appears that once you answer these questions you can never go back. I wonder if there is even a way to verify the SHST election short of checking for it when the return is completed.

A

Anonymous_

Employee

" Does it just appear on my Schedule E under Other Expenses?"

Simply go back to the topic list and click the Start (or Update) button to the right of Expenses (first screenshot).

Proceed all the way through the Step-by-Step until you arrive at the Any Other Expenses screen (second screenshot) and enter the items you elected to expense rather than depreciate.

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shala5

TurboTax Premier is not asking me whether I want to take the Safe Harbor for Small Taxpayers. I get the DeMinimis election questions, and then it stops. How can I force TurboTax to create the election for Safe Harbor for Small Taxpayers?