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De minimis safe harbor for small business

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Level 1

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?

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2 Replies 2
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-f... 


ex-AllStar
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Level 12

@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.