Can i deduct a new 50 gallon water heater parts and labor for my home residence?

[CherylW · Accepted solution]

If it is for a personal residence, then No.  It gets added to the basis when you sell the residence.

If it was for a rental residence, then Yes.  It may be depreciable.

[dolphin1947]

I failed to mention it was a gas water heater I wonder if it will make a difference

[CherylW]

You could check this page, you may qualify for an energy credit if it's on the list: 

Energy Star's Products for Form 5695