It should be listed as an asset.
A roof replacement is not an expense or repair, but you may be able to treat it as such for a commercial building in 2021, but not if it was for a residential property. You can write if off over it's estimated useful life if it was put on a residential house or unit. For a commercial property, you can elect section 179 depreciation which may allow you to write off the entire cost in the year you have it installed.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
