the boiler was installed in 9/30/1994 and is the same boiler we still have.
So you did "NOT" purchase a brand spanking new boiler in 2020, remove the old boiler and install a new one? That being the case, you need to ignore absolutely everything already told to you by myself and others in this thread. What you have is "NOT" entered anywhere in the assets section. Absolutely nothing changes for the asset under any conditions. Assuming you paid to fix it in 2020, t's a repair cost and that cost is 100% deductible in full on your 2020 tax return. Period. End of Story. What you paid to fix it is entered in the rental expenses section in the box for Maintenance/repairs. Absolutely nothing what-so-ever changes on your 4562.
You have nothing new to depreciate, and the boiler has what I assume is less than one more year of depreciation before it is completely and totally depreciated.
Otherwise, if I'm wrong on the above, you have really confused the issue now.
