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Was the electrical panel for your business or your home?
it was for my home
repairs or upgrades to your personal residence are not deductible. you haven't provided enough info for commenting on whether the replacement would add to your basis in your home. so why the replacement? what was the difference between the old and new? for example I would say replacing an old one using fuses with a new one using circuit breakers would be an upgrade adding to the home's basis.
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