I bought a new HVAC system for my rental property. I'm trying to figure out how to deduct the entire amount in 2021 instead of depreciating it.
From TurboTax Home & Business, I went to Business > Assets/Depreciation, then made the following selection:
Next, I selected that I want to claim the improvement as an expense:
Then, TurboTax told me to "make sure these purchases are entered as other miscellaneous expenses".
Now I can see my HVAC system listed as an asset with a Section 179 selection:
But the part I'm uncertain about is whether I need to go to Business > Expenses and enter the HVAC system here as a miscellaneous expense:
That seems to be what "make sure these purchases are entered as other miscellaneous expenses" was suggesting, but I want to double-check so that I don't accidentally double-count deducting the HVAC system. Thanks!
