I had a mini split HVAC installed in my rental condo unit back in May 2021. The total cost of the install was $6,989.
I am doing my 2022 taxes and discovered that I may have goofed when I claimed it as an expense rather than an asset on my prior year tax returns.
I presume that it's too late for me to set this mini-split up as an asset that is depreciable over many years? Is it correct that once it's been claimed as an expense, you cannot add it as an additional asset?
I would assume that this being a depreciable asset would be more advantageous in the long run.
