I have a small home based business. Can whole house window replacement of $15,000 be included on Schedule C, Repairs & Maintenance?
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Yes, you can list this under the Home Office deduction and the office portion of the repair will be calculated. This may result in having a deduction from this home office to carry forward to next year.
Or you can list large repairs/improvements under Assets.
Yes, you can list this under the Home Office deduction and the office portion of the repair will be calculated. This may result in having a deduction from this home office to carry forward to next year.
Or you can list large repairs/improvements under Assets.
No, it cannot be deducted on schedule C.
At best you can depreciate it as a home improvement on form 8829, Home Office Deduction. So, using an example of your home office being 10% of you total home square footage:
$15,000 / 27.5 years = $545. $545 x 10% = $55 deduction.
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