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Level 2
April 14, 2024
Question

Furnace

  • April 14, 2024
  • 2 replies
  • 32 views

I replaced the furnace in my office building.  Is this considered a repair expense, or is it a depreciable asset?  I'd prefer to take it as an expense, if possible.  (I own the commercial building and have my office there.  This is not a home office situation.)

2 replies

Level 15
April 14, 2024

Replacing a furnace would be a depreciable asset.  It is not a repair if you replaced it. 

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mwinchAuthor
Level 2
April 14, 2024

Dang.  Would prefer to expense it.  THanks!