Can I include the cost of a new furnace and air conditioner as repairs and maintenance? In 2019, I replaced both units and I write off part of my home as a home office.
031473
3 Replies
ColeenD3
Expert Alumni
Jan 28, 2020 7:42:59 AM
No. They are assets that must be depreciated along with your house. You can only take a deduction for the business use portion, which is determined by the square footage.
A repair would be to fix a furnace/ac, not purchase a new one.
Dtran1
New Member
Apr 6, 2022 2:22:20 PM
I understand that they have to be added as assets. But Turbo gives categories of asset that are pretty limited. Should I select: "Tools, Machinery, Equipment, Furniture" or "Computer, Video, Photo, Telephone Equipment", or "Real estate property?"
KrisD15
Expert Alumni
Apr 6, 2022 2:34:38 PM
Select
"Tools, Machinery, Equipment, Furniture"
Real estate property itself cannot use Bonus Depreciation.