realtor taxes: Why Real Estate Agents Should Avoid Buying Items Over $2,500
- 11/28/17 03:42 PM
It's all about something called "De Minimis Safe Harbor"... What is "De Minimis Safe Harbor" & Why Should You Care? De minimis safe harbor, allows you to deduct the entire expense of the cost of a single item rather than having to depreciate it over several years. Thus allowing a much bigger deduction for a qualifying purchase in a single year.
SOME GOOD NEWS: Effective for taxable years beginning on or after January 1, 2016, the Internal Revenue Service increased the "de minimis safe harbor" threshold from $500 to $2500 per invoice or item.
SOME IMPORTANT GUIDELINES: You can use the de minimis safe harbor to … (2 comments)
It's all about something called "De Minimis Safe Harbor"...
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