CAPEX - actual vs replacement

[Bobert M.]

Rental properties:

First, when figuring the Capital Expenditures for improvements, and their ages, is there a standard age range for certain things, such as 10 years for flooring, 20 years for windows, etc... or are you expected to be reasonable in your estimate of how long something lasts?

Second, are you giving the items an actual cost value, or a replacement value? Example: I installed all new windows in a house for $1200. My labor, my material, etc..., am I limited at putting the CAPEX cost on windows at $1200, or can I put $4,000, because if I was to hire someone to do it, that's what it would cost?