I have a new S corp client that is involved in the water softening business. They install tanks to hold the brine at their customer's location. The corp retains ownership of the tanks but charges rent to the customers.
Do I have to set-up and identify by location each of these tanks on a depreciation schedule? Or could I elect the de minimis safe harbor election since almost all of them cost less than $2500 each and expense them?
Thank you for your input!