Famer and the safe harbor rule

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  • JenMO
    Senior Member
    • Apr 2007
    • 974

    #1

    Famer and the safe harbor rule

    Farmer buys approx. $4000 worth of items at auction. He brought me the list and all 12 items sold under $500. Do I elect the safe harbor rule and put these items under supplies, or list all of them separately as "other expenses" on line 32?
  • TXEA
    Senior Member
    • Feb 2014
    • 329

    #2
    You can call it supplies or "small parts and Equipment"

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    • JenMO
      Senior Member
      • Apr 2007
      • 974

      #3
      Sounds good, thanks

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