We had to purchase a new heating/ac unit for our house. I use 100% of my home for my daycare. The unit was very costly. How do I write this off on my business taxes. I also included it on personal for the energy credit. Help!
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Help - Another Depreciation Question
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Energy Tax Credit
You can deduct the time-space percentage of the cost of a new heating/ac system. Since this is a home improvement, you must depreciate it over 39 years.
Assuming your heating/ac system was energy efficient, you may also be entitled to claim a federal energy tax credit. See my recent blog post on this: http://tinyurl.com/4rn3hmw
The blog post says that you can't claim the maximum energy tax credit if your time-space percentage was over 20%.
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