Question for Tom
In April of 2018 we had to replace our A/C unit which cost over $8,000. How do I write this off as a deduction for my expenses? I know I can’t take 100% as a deduction, but is this considered a home repair or something I need to depreciate? Or something totally different?
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A/C unit
Originally Posted by bzzzybee: |
Originally Posted by TomCopeland: So I had asked earlier last year (Jan 2018) about the HVAC we had put on our house and your response to me was the following: "The rules changed in 2018. Take the total cost of the HVAC and multiply by your time-space %. Then deduct this amount on your 2018 taxes. In 2018 there is a 100% bonus depreciation rule that says everything you buy (except for a home and addition to your home) can be deducted in one year, and doesn't have to be depreciated. This is a big deal! " Now I'm afraid I have done the wrong thing on my taxes. Which way was I supposed to handle this? TIA! |
Hvac
Originally Posted by Lovisa: |
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