Depreciating HVAC Boiler

[Derrick Lumsden]

Hello All, I am wondering if anyone would share their opinion or even expertise on depreciation vs repair. I just had an old HVAC boiler replaced for $3900 including labor. I know depreciation would cost out the expense over a number of years. Is there a standard depreciation time frame for this kind of capital improvement? Are there options? Is the depreciation basis the cost of goods, or cost of goods plus installation? Finally, will I have a choice between repair or depreciation? Given my financial position, I suspect it will be most valuable to me to depreciate over 3-7 years rather than through repair. (Don’t worry, I do have a CPA, and I will talk to him about all this. I just searched the forum and couldn’t find a depreciation post that really answered these questions—maybe I am search incompetent—so I thought it could make a good thread.)