I have a rental property that I paid $3,700 for a central air unit and new furnace. I have another property that I paid $1,850 for a central air unit. Do I classify both the a/c and the furnace as assets that have a depreciation life of 27 1/2 years. Do I add both assets to the properties' basis? That is how I have it set up now. I wanted to make sure because I saw one answer stating that a central air conditioner could be classified as having a life of 7 years because it was not in the list of assets. I had these properties for years before installing the air conditioners and the furnace. Thank you.
