Can this be counted towards expenses in that year? Thanks!
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It depends. This would be considered a capital asset for depreciation. However, if you qualify you could expense it under the Safe Harbor Election for Small Taxpayers.
Here are the rules you need to meet to take this election:
If you find you do qualify for this option and you want to take the full expense in one year for the AC system, use the steps below to enter it in your return.
Keep a record with your tax return showing you made this election for this asset if you expense it under the Safe Harbor Election for Small Taxpayers.
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