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Is a new electrical panel box & new breakers deductible?
If this equipment is for your home (residence), it is not deductible.
If this is for a rental property, it is deductible as repairs if it costs less than $2,500. If it costs over $2,500, the equipment has to be capitalized and depreciated.
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Is a new electrical panel box & new breakers deductible?
If this equipment is for your home (residence), it is not deductible.
If this is for a rental property, it is deductible as repairs if it costs less than $2,500. If it costs over $2,500, the equipment has to be capitalized and depreciated.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Is a new electrical panel box & new breakers deductible?
If the cost is below $2500, can I elect to depreciate?