De minimis safe harbor for small business

Forum|Forum|6 years ago
April 17, 2020
2 replies
16 views

I want to elect De minimis safe harbor for small business. Should I input the asset in the depreciation screen 22 and make an election 1.263(a)-3(h) on screen 46? Does California conform with De minimis safe harbor for small business? If yes, how and where do I make this election for California?

Lacerte Tax

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sjrcpa

Level 15

It would be best to only ask once. You can always add addl info to your original question. Using the de minimis safe harbor for a otherwise capitalizable asset means you are not going to capitalize and depreciate it, so do not enter it in the depreciation screen.

https://proconnect.intuit.com/community/lacerte-discussions/discussion/de-minimis-safe-harbor-rule-for-small-tax-payer-for-california/00/79492

The more I know the more I don’t know.

T

TaxGuyBill

Level 15

@dati001 wrote:
I want to elect De minimis safe harbor for small business. Should I input the asset in the depreciation screen 22 and make an election 1.263(a)-3(h) on screen 46?

§1.263(a)-3(h) is NOT the De Minimis Safe Harbor election. It is the Safe Harbor for Small Taxpayers. They are two different elections.

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