USA Assets under $2,500

[Jason Taylor]

Hi,

We have set our safe harbor threshhold for capitalizing equipment at anything $2,500 or more. My question is, can I expense out equipment under $2,500 from previous years that are sitting on my balance sheet? Meaning, prior to setting our threshhold, any assets under $2,500 that are currently on our balance sheet, can I now expense them?

Thanks!!