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Business & farm
The gutter and fascia replacement would be handled in the same manner as the window replacement. It is depreciated as a 'whole house' improvement with the percent of business use based on the home office size relative to the rest of the house.
The fact that you have financed the cost does not change anything. You will enter the total cost for the replacement. Technically, you have paid the entire cost through the loan or financing you are paying back. You will not account for the monthly payments anywhere on the 2022 return or a future return since the total cost will be entered in depreciation.
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March 6, 2023
6:48 AM
1,313 Views