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?
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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 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
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