This question is specific to the cost of a new water heater that cost $885 that I want to enter as a home office expense. Can i enter this as an expense somewhere or do i have to treat it as an asset and take depreciation?
The replacement of a water heater would be a depreciable asset but you can choose to expense it. Since it is only $885, depreciating it would result in a very very small benefit.
You would enter the water heater cost in the Home Office section under Repair Expenses
To do this click the following
The water heater would not just be used for the home office, would it?
The replacement of a water heater would be a depreciable asset but you can choose to expense it. Since it is only $885, depreciating it would result in a very very small benefit.
You would enter the water heater cost in the Home Office section under Repair Expenses
To do this click the following