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Updated almost 11 years ago,
broken furnance: depreciation vs repairs
So I received a call in the middle of the night a few months back, and the furnace was out and it was -20 outside so a true panic call. I had to replace the draft motor in it, for about $1200 (middle of the night on a weekend).
My accountant said that since this extended the life of the property, it could potentially have to be a depreciable asset - I on the other hand thought this was more of a repair since it was fixing a broken furnace. Has anyone else had this issue?
What other odd things that you had to depreciate when you thought it was a repair?