HVAC replacement repair or depreciate
HVAC
1
37
b7ghhS5dOr3QjyacfA8pyY
12/08/09 12:48pm PST
Viewed by asker 12/08/09 8:30pm PST
Viewed by asker 12/08/09 8:30pm PST
8 Replies
IRMN
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Questions answered: 20979
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Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 12:52pm PST
Based on the information you have provided, I can tell you with absolute certainty ........................................... that you are a little short on facts to help you out.
Ninety percent of tax preparation is half mental.
Charlotte256
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Questions answered: 5650
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Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 1:01pm PST
Best Answer - Chosen by the Community
If a new unit is installed in income producing property, it is depreciated. If it is installed in a personal residence, the cost is added to the basis of the home. If an old unit is cleaned and/or repaired, the amount can be deducted as a repair expense for income producing property.
When anyone doing nothing needs help, I will gladly help that person do nothing.
Charlotte256
Questions asked: 5
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Questions answered: 5650
Points earned: 15899
Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 1:06pm PST
For anyone who doesn't know the term, HVAC is heating, ventilation and air conditioning.
When anyone doing nothing needs help, I will gladly help that person do nothing.
ArchieLeach
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Questions answered: 10376
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Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 1:49pm PST
Maybe. Maybe.
Forty-hour week - can't you make it thirty
No heavy lifting - you get yourself dirty
Beautiful office - thirty-seventh floor
Paintings on the wall - title on the door
says,
Gentleman of Leisure
~Jesse Winchester
No heavy lifting - you get yourself dirty
Beautiful office - thirty-seventh floor
Paintings on the wall - title on the door
says,
Gentleman of Leisure
~Jesse Winchester
IRMN
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Questions answered: 20979
Points earned: 69755
Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 2:18pm PST
But are we replacing the heating, the ventilation, the air conditioner, or parts for any or all three of the components?
Ninety percent of tax preparation is half mental.
Mt Juliet CPA
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Questions answered: 14435
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Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 3:11pm PST
If a Business, New Unit=depreciate',If repaired= Expense
I salute all our current Military and our Veterans.
Skylane
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Questions answered: 2498
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Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 5:52pm PST
If in business and you're really in doubt, troubled, or perplexed; enter the asset on form 4562 & take a sec 179 deduction
I'd rather be flying........
ArchieLeach
Questions asked: 417
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Questions answered: 10376
Points earned: 15640
Accountant Community AllStar
Advisory council of Accountant community power users.
12/08/09 7:20pm PST
Latest post
That's a good, safe answer, Skylane, if there are no 179 limitation problems. It can't be second-guessed.
Forty-hour week - can't you make it thirty
No heavy lifting - you get yourself dirty
Beautiful office - thirty-seventh floor
Paintings on the wall - title on the door
says,
Gentleman of Leisure
~Jesse Winchester
No heavy lifting - you get yourself dirty
Beautiful office - thirty-seventh floor
Paintings on the wall - title on the door
says,
Gentleman of Leisure
~Jesse Winchester
