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Deductions & credits
thanks for the reply.
To clarify, I am a landlord. The water heater was purchased 12/30/2024. A couple more questions on this....
1. How do I classify the water heater in the asset section? There are many options and its not clear how to add this to the asset list. Also, one of the options is to take the full deduction now. Is this a good option? Water heaters typically last 10-15 years. What depreciation option should I use? Certainly not 27.5 years, right?
‎February 3, 2025
9:24 AM