Can this be counted towards expenses in that year? Thanks!
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
shak0000
Level 2
tracy_roberts
New Member
ScottM4400
Level 1
Happy24
Level 1
Kiki
Level 4
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.