assets over $500 are capitalized

What it means at first assumption is to enter those purchases as fixed assets instead of expenses so tgat you can put them on depreciation to recover cost.

In practical terms, in the US, one can elect to treat line items of up to $2500 as safe harbor de minimus expense rather than capitalized. Thus you can current year write off a $2400 laptop instead of spreading out the recovery cost over 5-7 years. This does not apply to capital repairs of presently capitalized buildings or permanently installed machinery, for example

If someone told you that this is $500, that changed "effective for taxable years beginning on or after January 1, 2016"...the Internal Revenue Service in Notice 2015-82 increased the de minimis safe harbor threshold from $500 to $2500 per invoice or item for taxpayers without applicable financial statements.

So, make sure to work with someone you believe knows the current rules; a Lot of them changed in Dec 2017, as well, with the Tax Cuts and Jobs Act.

I need help with how to actually enter the asset on my Lacerte input. Does the asset get entered as an expense on Schedule E or on the Depreciation Schedule?  Do you make a separate election for each asset or combine the assets and only include one election with the return?

@DAQ

You are in the wrong place on the internet.

You need to go Here:

https://proconnect.intuit.com/community/

That is Tax Prep for Professional Tax Programs from Intuit, such as Lacerte community.