This article will assist you with making the following elections for Form 3115 in Lacerte:
- 1.263(a)-1(f) - De Minimis Safe Harbor Election
- 1.263(a)-3(h) - Safe Harbor Election for Small Taxpayers
- 1.263(a)-3(n) - Election to Capitalize Repair and Maintenance Cost
Follow these steps enter the applicable elections:
- Go to the Elections screen for your tax type:
- Screen 46, Elections (Individual)
- Screen 33, Elections (Partnership)
- Screen 41, Elections (Corporate)
- Screen 38, Elections (S Corporate)
- Screen 50, Elections (Fiduciary)
- Select Misc. Elections from the left navigation panel.
- Locate the Miscellaneous Elections section.
- Check the box labeled De minimis safe harbor [1.263(a)-1(f)], if applicable.
- Check the box labeled Capitalize repair and maintenance costs [1.263(a)-3(n)] (to make the capitalize repair and maintenance costs election, if applicable.
- Scroll down to the Election for Safe Harbor for Small Taxpayers section.
- Check the box labeled Safe harbor for small taxpayers [1.263(a)-3(h)], if applicable.
- Hold down Ctrl+E in Description of property (Crtl+E).
- Enter the election information.
- Click OK.
The applicable elections should show in the Forms view now.